On August 7, 2017, the Village Board adopted an ordinance declaring 2071 and 2081 North Ridge surplus property. The appraised value of each lot was $215,000. Village Staff marketed the two lots for sale since last fall. The only firm offer the Village received was from Jeanette and Richard Zirngibl for $400,000 for both lots.

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.

Recommendation

It is recommended that the Village Board approve the attached Ordinance Authorizing the Execution of a Real Estate Contract with Jeanette and Richard Zirngibl for the sale of 2071 and 2081 North Ridge and authorize execution of the documents conveying the real estate.