Board of Trustees approves real estate exchange
The Illinois State University Board of Trustees has authorized the University to enter into an intergovernmental agreement with the Town of Normal to exchange ownership of several parcels of real estate. The Board also approved the payment of $150,000 to the Town of Normal as additional consideration for the market value of the properties.
The agreement assists the strategic development of Town of Normal and Illinois State facilities. The real estate exchange involves University-owned property at 608 South Main, which meets the Town of Normal’s criteria for construction of a new fire station to replace an existing one at 604 North Adelaide.
The University property on South Main will be exchanged for Town-owned/contracted property located at the intersection of Beaufort Street and School Street; Sudduth Road property which separates two University-owned parcels located off College Avenue and Kingsley; property located at 604 North Adelaide (currently Adelaide Fire Station); and a private apartment building at 404 West Locust, which the Town has contracted to purchase.
The acquisition of the properties at Beaufort and School streets will supplement University parking in that area. The Sudduth Road property will allow the University to expand parking areas by connecting its College Avenue parking lot with another recently acquired property on Kingsley. The site of the current fire station on Adelaide is contiguous to University-owned property and strategic to future campus development. The apartment property at 404 West Locust, north of the Bone Student Center, is also strategic to future campus development.