TO: Mayor and City Council
FROM: Beth Beatty, City Manager
SUBJECT:
title
Ordinance Amending the 2024 Annual Budget and Authorizing the Execution of a Real Estate Sales Agreement for the Purchase of 63 W. Jefferson Street
end
BACKGROUND:
From time to time, the City of Joliet purchases property in order to achieve its goal of providing superior services to residents. Staffing levels at city hall have outgrown existing office space. This condition has created the need to lease outside office space at significant cost. City staff has explored the option of purchasing additional office space in order to meet needs of a growing city. To that end, the city has negotiated an agreement for the purchase of 63 W. Jefferson Street.
In negotiating this Agreement, the city has obtained two appraisals and has negotiated a purchase price of $820,000; this figure represents a compromise between the two valuations. The building contains 7,090 square feet of office space which will meet the present and future needs of a growing city staff.
The 2024 annual budget must be amended in order to provide for the funding of this purchase. This amendment requires an affirmative vote of 2/3 of the council.
RECOMMENDATION:
recommendation
It is recommended that the Mayor and City Council approve this Ordinance Amending the 2024 Annual Budget and Authorizing the Execution of a Real Estate Sales Agreement for the Purchase of 63 W. Jefferson Street.
end