Rochelle's City Council recently approved an option agreement as well as a listing agreement for property within the 160 acre Rochelle Business and Technology Park. The park, which opened in 2007, is home to three facilities now and is the ideal location for a data center, office space, or high-tech business. Zoned B-2 Commercial Highway with a technology overlay district, approximately 100 acres remain available for future development.
A new three year option agreement to purchase 89.33 acres owned by Reed Harris and Corliss Baer has been drafted. City of Rochelle staff will market the property in partnership with Jim Planey of Lee and Associates.
For more information, contact Rochelle City Manager Jeff Fiegenschuh at [email protected] or 815-561-2000.The Rochelle Business and Technology Park is a 160 acre development which opened in 2007 and is zoned B-2 Commercial Highway, with a Technology Overlay District. Approximately 100 acres remain available for future development; therefore, the opportunity to recruit additional park tenants is feasible. Having an “Option to Purchase Agreement” for the remainder of the land would facilitate a sale and new development.
A new three year option agreement to purchase 89.33 acres owned by Reed Harris and Corliss Baer has been drafted. The previous three year agreement expired March 26, 2016. There is no cost to own the option; however the City agrees to market the property in partnership with Jim Planey of Lee and Associates. The per acre purchase price is $ 28,940, with a 5% increase per acre in years two and three.
Recommendation: Authorize an Ordinance Approving an Option to Purchase Real Estate Located at Illinois Route 38 and Dement Road with Reed Harris and Corliss Baer for approximately 89.33 acres in the Rochelle Business and Technology Park.