The City of Aledo, Illinois, requests proposals from buyers interested in acquiring by purchase real estate located within the Aledo Central Area Redevelopment Project Area which consists of one vacant building. This building benefits from adjacent retail store traffic, is located in the Downtown Aledo Historic District, and is highly visible. In addition to the excellent location, the City-owned property is located with a Tax Increment Financing (TIF) District which allows for the City to engage in a Development Agreement that can accept a bid for the property for a minimum bid of one dollar ($1.00) upon approval of the City Council.
The City’s development goals for the site include:
- Capitalizing on the site’s central location and using the ground level as a retail attraction to downtown Aledo.
- Maximizing the potential of the building’s square footage to serve visitors and residents alike.
Said real estate is legally described as follows (the “Subject Property”):
East part lot 2 per plat G 161 Tract 1 S/D S1/2 block 66 Original Town of Aledo, according to the recorded plat thereof; ALL in the County of Mercer and State of Illinois.
Brief Description of the Property and Incentives Available:
The property is vacant and is zoned B2 for commercial. The zoning is intended to provide for the development of retail and residential services. In addition, the property is located in the Tax Incremental Financing (TIF) District and in the Downtown Aledo Historic District with retail and commercial uses for similar properties in the area.
All utility hookups, including sewer, gas, and water are existing. The City of Aledo is the current property owner and very motivated to see the property developed. Due to the location of the lots within a TIF district, the City is not obligated to sell the land for 80% of the appraised property value and may be sold for as little as one dollar ($1.00) with an appropriate development agreement.
- Ameren Illinois is the electric carrier and the supplier is already servicing the property.
- The City of Aledo supplies the water, sewer, and gas utilities. The City is in the position to provide incentive rates on City utilities and discuss possible agreements to facilitate development of the property.
- Viola Home Telephone Company, Frontier, and Mediacom are the available phone, internet, and cable providers for the property.
All interested parties should submit proposals to the Aledo City Clerk, and all such proposals should identify the terms and conditions of the proposed purchase of the Subject Property, any TIF incentives sought by the buyer, and the proposed use(s) of the Subject Property by the buyer.
For further information, please contact Tarah Sipes, Economic Development Coordinator, or Jarod Dale, City Clerk, at (309) 582-7241.