Community Update Tentatively Set for March 26
As previously reported by The Community News Brief, a 30-acre site at the intersection of East Jackson Street and Bower Road was selected for Macomb's proposed Sports Complex from three previously identified sites. At the Monday, March 9 Macomb City Council Committee of the Whole meeting, the purchase agreement for the land was discussed. Watch Friday's edition of The Community News Brief for the complete City Council report. According to the committee agenda, the committee considered the purchase of the property at East Jackson and Bower Road for $2 million from Jackson, LLC of Peoria.
A community update, which will be open to the public, is tentatively scheduled for 5:30-7 p.m., Thursday, March 26 at the Spoon River College Outreach Center on East Jackson, directly across from the proposed Sports Complex property. More information will be available from the City of Macomb closer to the date.
According to a memo from City Administrator Scott Coker in the Committee of the Whole agenda/packet, the agreement allows the city an extended period of due diligence up to Aug. 31, 2027. There will be no cost to the city if the complex does not proceed.
Mayor Mike Inman stressed at this time, there is no legal consideration (no money required to be paid up front). The full City Council will vote on the purchase agreement at its Monday, March 16 meeting.
If the complex moves forward, the City of Macomb will pay Jackson LLC the $2 million purchase price, which is part of the overall costs.
'This purchase agreement allows us to have control over the property until we decide to execute the agreement and purchase the property at the agreed upon price of $2 million. If we do not proceed with the city's economic development project, which is anchored by the sports complex, we are not required to purchase the property,' Inman told The Community News Brief prior to Monday's Committee meeting.
'This is a great deal for the city as it allows us to control the property with no risk. Should this move forward, this will not come from the city's general fund.'
According to a search on the Illinois Secretary of State's website, Jackson LLC, 7625 N. University St., Peoria, is managed by Russell L. Waldschmidt. Wald Land Corp., a commercial real estate brokerage, management and development business, is also listed at the same Peoria address as Jackson, LLC. Wald Land Corp.'s website states: Wald Land Corporation has more than 140 years of experience in development, brokerage and property management of commercial real estate throughout Central Illinois.
