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Arcade out to bid! Bids due May 15!!

(67 posts)

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  1. KimJ
    Member

    PO Box 38
    508 3RD Street
    Prinsburg, MN 56281
    Tel: 320-978-6351
    Fax: 320-978-4166

    April 30, 2009

    Re: 1 Riverside Road, Riverside, IL

    Dear Potential Bidders:

    Included you will find the bid agreement which CapFinancial Properties CV3, LLC is using in our process to sell the property located at 1 Riverside Road, Riverside, IL. Please fulfill all aspects of the bid requirements in order for you bid to be considered.

    In regards to viewing the property we’re working with the city, who have been very helpful throughout this entire process, on trying to set up a time frame where you can go and view the property. More information regarding that will be coming in the future. If you have a special request regarding this, please contact me, Joe DeGroot, directly at the contact information above.

    We would like to thank you for your interest in the property. Should you have any questions regarding the bid process or the property please let us know.

    Sincerely,

    Joe DeGroot
    PrinsBank as servicing agent for
    CapFinancial Properties CV3, LLC

    Posted Monday May 4, 2009 14:05 #

  2. ChrisHajer
    Member

    http://saveriversidearcade.blogspot.com/

    Posted Monday May 4, 2009 16:03 #

  3. HRCollins
    Member

    Is there a published minimum bid acceptable to the bank?

    Posted Monday May 4, 2009 16:04 #

  4. ChrisHajer
    Member

    I think we need the attachments to have the whole story.

    Posted Monday May 4, 2009 16:09 #

  5. Catherine
    Member

    Oddly, the bank says "if the bid is deemed acceptable." That's not the way bidding works. You establish a minimum and take what you get, no?

    I am afraid that this will not be a good way of getting a good buyer, but rather a bottom-feeder. I hope not.

    Posted Tuesday May 5, 2009 10:32 #

  6. commonsense
    Member

    What restrictions are currently on the building. What's to say a buyer won't strip if of all it's character? I thought there would be a screening process of some sort to assure an appropriate buyer. Is Kafka a bidder?

    Posted Tuesday May 5, 2009 11:59 #

  7. JohnM
    Member

    Commonsense,

    The Arcade is a Riverside landmark. There are limitations in the Village Code as to what an owner can do to it, and there are certain penalties the Village can impose if the owner doesn't comply with the Code (see Title 11 of the Village Code--I tried to insert a link here, but no luck)

    However, the Village has no say or control over who buys the building--it's privately held property, not Village-owned. If Kafka wants to bid, he can.

    Posted Tuesday May 5, 2009 12:12 #

  8. Catherine
    Member

    No, the Preservation Commission and the village government can delay, but not prevent the razing of the Arcade. I think we can count on the economy to prevent that.

    The buildings on Burlington are coming down just now.

    Posted Tuesday May 5, 2009 14:32 #

  9. commonsense
    Member

    Its a shame the arcade can't be bought by a group of riversiders and held in a private trust.

    Posted Tuesday May 5, 2009 15:06 #

  10. Catherine
    Member

    Yes, this idea has been floating around the village for months now, but nothing has yet come of it.

    Posted Tuesday May 5, 2009 15:19 #

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