From AP - News Headlines -

Urbana City Council Votes to Buy Goodyear Property, Buying Entire Downtown Block is Ultimate Goal

The Urbana City Council approved a ten-thousand-dollar option last (Monday) night to buy the Goodyear Tire Center property on Vine Street downtown. Buying the property would be another step toward the city's acquisition of the entire block for future redevelopment.

The 200 block of South Vine Street lies just north of the Urbana City Building --- the city already owns a parking lot on the block. And Mayor Laurel Prussing says the owners of the Goodyear property approached the city about a possible sale. The mayor says the city's long-term goal is to buy the entire block, and then find a developer for it. Prussing hopes for a mixed-used building on the site, with space for both commercial and residential tenants.

"We should just think about something that's a really green development", says Prussing, "and that fits in with our overall city plan. I think we have to think about what would be the idea height of this project, if we're talking about infill."

But development won't happen right away. The Goodyear Tire Center's lease runs until 2013. And some of the residential properties on the block are also occupied by tenants. Prussing says the city has contracts to eventually buy those properties as well --- but she says she doesn't want to displace any current tenants. The mayor says the city will first do its due diligence on the Goodyear property, including an environmental audit, before the Goodyear purchase is finalized.

Categories: Business, Government, Politics