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|Raufeisen Plans Developing In Phases
|Negotiations on property at the proposed North Seminary Street development are being described by the developer as dead.
The original submission by Raufeisen Development in October of last year to the City described a hopeful, future plan where: a hotel, duplexes, and shopping area were to be located.
With negotiations on the "Stisser" property coming to a standstill, it prompted Raufeisen Development to ask for an amendment to the ordinance to develop in Phases.
Company Owner Todd Raufeisen tells WGIL that the company was hoping to come to an acceptable price.
"We do not have the property under contract, and I think everyone would agreed, the way the ordinance was read when it was passed is we had to put in a letter of credit for the improvements associated with the development and that includes the road that would go through the Stisser property and the retention pond and we're not going to put money down on improvements on land that we do not own," says Raufeisen.
Two phases would be required under the amendment, allowing the company to develop the hotel first, if approved by the City Council.
As the language in the original ordinance reads, the company would submit a subdivision "plat" for the entire development.
Raufeisen tells WGIL it was a matter of sitting down with City staff and telling them the time frame.
"It was a matter of sitting down and figuring out the best and most efficient way to construct the entrance into the site and the three projects that we want to take vertical in the Spring and continue to move forward," says Raufeisen.
According to City documents, because Raufeisen Development does not own the "Stisser" site, but as it stands the company would be required to issue a performance bond.
The "Stisser" property reportedly would need to be recorded within three years. If the amendment is approved, Phase Two could not be developed until Phase One is completed.
Raufeisen says he will not be at Monday's City Council meeting in the instance there are concerns Galesburg residents need addressed, but did say representatives from his company would be present.
(Maps of the proposed development, to be located across the street from the Seminary Square Shopping Center. Provided by City of Galesburg.)
|02 01 13 by Newsroom
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