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Riverside buys second home in downtown area
Land could be used for parking or other development
By BOB UPHUES
The Village of Riverside acquired a second parcel of property immediately adjacent to the downtown business district last week when the board voted to purchase 61 E. Burlington St. for $325,000. The vote was taken at a special meeting of the board convened on the morning of Nov. 13.
The purchase comes on the heels of a decision by the board in August to buy a single-family home at 63 E. Burlington St. for $230,000, giving the village a piece of land covering 10,000-square feet that it can develop or sell at a future time.
While there has been some talk at the village board table that the land could be converted into a surface parking lot, the village is under no obligation to do that, according to Village Manager Kathleen Rush. What the purchase does do is give the village control over what is eventually built there, whether it's a parking lot, a public facility or even a private development.
If the land is used to create a parking lot, the two parcels together could accommodate 40 vehicles, according to the village's engineering firm.
Rush indicated that while the land won't need to be rezoned to build a parking lot at the site, the village's Plan Commission will likely discuss what might be appropriate for the land moving forward, including rezoning. Both lots are currently zoned R-4, which allows single- and multi-family dwellings and small-scale office uses. The rest of East Burlington Street directly west of 61 E. Burlington St. is zoned B-2, the central business district.
"By procuring this opportunity, it allows the village to be determinate in its outcome," Rush said. "I think it's a great opportunity for the Plan Commission to discuss what the highest and best use for that land is."
Trustee Thomas Shields, who has been a strong supporter of spurring development in the central business district, hailed the land purchase and the ability the village has to control its destiny.
"This property was available, we had willing sellers and we now have the opportunity to participate more directly in the central business district as a land owner," said Shields in a statement released by the village last week.
The village has already purchased 63 E. Burlington St., using a loan from the working cash fund, which will be paid back over a period of 10 years through the general fund, according to Rush.
In addition, on Nov. 13 the board passed a resolution allowing the village to borrow up to $850,000 for the future development of those two lots. Rush said it was unlikely the village would borrow the full amount.
"It doesn't obligate the village to borrow, it provides the opportunity to borrow," Rush said.
The board has not made a decision on how to fund the purchase of 61 E. Burlington St., but will discuss options at its meeting on Dec. 3.
Posted Wednesday Nov 21, 2007 20:03
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