The Village acquired these lots in late 1994. After the Woods of Arlington subdivision was developed, a bank ended up with ownership of the two lots. They were deeded to the Village from the bank via a quit-claim deed. The Village paid back taxes on the property in mid-1995 to clear the title. At the time, it was anticipated that the lots would either be used for a regional storm water control facility or sold in the future if they were determined to be unnecessary for storm water control and buildable.

When the Chestnut-Ladd detention basin was built, these lots were determined to be unnecessary for storm water control purposes. The lots are zoned R-2 and are buildable lots.

We have had interest expressed by individuals looking to purchase these lots. Staff had the lots appraised and they each were appraised at $215,000.

Recommendation

It is recommended that the Village Board adopt the attached Ordinance Authorizing the Sale of Surplus Property Owned by the Village of Arlington Heights, declaring the property at 2071 and 2081 N. Ridge to be surplus and authorize Staff to proceed with placing the lots on the market.