Yorkville officials overwhelmingly approved the sale of a parking lot to a downtown developer for $13,500.
In early November Imperial Investments bid $13,500 to buy and redevelop a parking lot behind the Cobblestone Building, on Van Emmon Street. The lot is about 1/10 of an acre. Before approving the sale, the city had to rewrite the contract to allow Imperial to turn a portion of the lot into a pedestrian mall.
On Tuesday the board approved the plan with Ward 3 Alderman Chris Funkhouser abstaining. Ward 3 Alderman Marty Munns was absent.
Any parking spaces lost by turning the eastern portion of the lot behind the Cobblestone Building, on Van Emmon Street would be made up at another site owned by the developer, said City Administrator Bart Olson. Before voting to approve the plan Tuesday night, Ward 2 Alderman Larry Kot wanted to make sure the remaining parking spaces would still be free for public use. Ward 1 Alderman Carlo Colosimo said the new contract specifies the spaces will remain free for public use.
Olson said no, the city would maintain rights to access infrastructure on the property, including the well house. He added that the city would always have access, even if Imperial sold the property in the future.
“That would be a deed provision,” he said.
When the lot went out for bid Imperial was the only company to make an offer. Colosimo initially questioned the sale of the property since it had not been appraised, but supported the sale after discussing the cost for the 1/10 of an acre property.