Illinois State University’s Board of Trustees has authorized the purchase of properties at 200/202 Kingsley St. and 609 College Ave. in Normal. The property will be used for faculty, staff and student parking and supplemental parking for campus events.
The current property owners, Yarger and Wade, LLC, contacted Illinois State earlier this year about the property transaction. The properties contain single-family homes converted to student apartments. The three plotted parcels, which contain approximately 23,300 square feet, are located adjacent to an existing University parking lot and in close proximity to Redbird Arena, Hancock Stadium and other campus buildings.
The appraised value of the properties is $600,000. Board members approved the expenditure of $600,000 for the property and an amount not to exceed $80,000 for building demolition, utility terminations and land excavations plus closing and related costs. University parking reserve funds will be used to pay for the project.