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Chillicothe Times-Bulletin - Chillicothe, IL
  • Deal not done for Small Engine Specialty, city reconsidering sale of building

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  • A deal that was thought to be finalized at the Feb. 11 Chillicothe City Council meeting is the topic of a special meeting on Tuesday.
    Aldermen approved selling the former Four Seasons hardware building, located at 227 W. Cedar St., but the deal did not have all the loose ends tied up before the vote, Mayor Troy Childers Sr. said Friday.
    Because of that, city officials gave notice Friday of the special meeting Tuesday, which will be at 5:30 p.m. in council chambers at City Hall.
    The only item on the agenda is "Reconsideration of an ordinance approving (the) sale of 227 Cedar."
    The city bought the property in April 2008 for $150,000, and for the last few years Small Engine Specialty leased the building, whose owner, Terry Lee, was thought to be buying the building.
    The city also spent just under $15,000 for roof and miscellaneous repairs.
    The company now is purchasing the property for $110,000.
    Economic Development Chairman Chris Boyer, who resigned as an alderman at the end of the council meeting, said the reason for selling the building at a loss is that the appraisal came in lower than it was when the city bought the property.
    Additionally, city officials wanted to keep a business in town, Boyer said, adding it was an "investment to business."
    The city is not receiving property tax money since it owns the building, but under new ownership, it will.
    Boyer said he calculated the city would make up the difference in six or seven years after the new owner pays annual property taxes.
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