Windy City park land purchase, 100 East 1100 South
The city agreed to buy 30.77 acres from Windy City Development LLC for $9,231,000 ($300,000 an acre), with about 28 acres expected to become a south-side regional park. The seller keeps water rights and may delay closing up to three years for a 1031 exchange. Ratified Nov. 9, 2021.
- Where it stands
- Approved
- Type
- Development agreement
- Location
- About 100 East 1100 South (parcel 13:066:0030)
- Size
- 30.77 acres
- Applicant
- American Fork City
Every hearing and vote
September 28, 2021 · City Council
Letter of intent to buy land from Windy City Development
Approved · 4-0
Authorized a nonbinding letter of intent to buy land (30.77 acres near 100 East 1100 South) at $300,000 an acre in cash, with the seller keeping water rights, the city paying rollback taxes estimated at $118,777 and a $50,000 deposit. Bunker said funding is mostly impact fees with some bond proceeds for a public safety portion; Councilmember Shelton asked for a breakdown.
- Price: $300,000/acre
- Rollback taxes: about $118,777 paid by city
- Deposit: $50,000
October 12, 2021 · City Council
Ratification of land purchase at 100 East 1100 South
Withdrawn
Pulled from the agenda; ratified Nov. 9.
October 19, 2021 · City Council work session
Strategic goals update
Discussed
Councilmember Shelton said goals slipped and expenses have exceeded revenues since 2018, asking for a budget work session; Councilmember Carroll disagreed; Mayor Frost wanted to defer property tax talks. Staff reported: fiber quotes received ahead of a citizen survey; 200 South design finalized with funding the main issue and talks planned with the school board; pressurized irrigation metering/AMI, a water recycling program with Horrocks and utility rate structure under review; Art Dye parking lot design started and dog park in the final phase; and a 30-acre land purchase south of I-15 being locked in.
November 9, 2021 · City Council
Purchase of 30.77 acres from Windy City Development, about 100 East 1100 South
Approved · 4-0
Ratified the real estate purchase contract, following an earlier letter of intent, to buy 30.77 acres (parcel 13:066:0030) for $9,231,000, or $300,000 an acre. The city pays greenbelt rollback taxes and the brokerage commission to Mountain West Commercial (agents Bill Street and Mary Street); the seller keeps the water rights, which the city will bank at its own cost, and may delay closing up to three years for a 1031 exchange with the money escrowed at interest. Mayor Frost called it the south side's Art Dye Park, anticipating about 28 acres of parkland.
- Seller: Windy City Development LLC (Oakwood Hills, Ill.)
- Price: $9,231,000 ($300,000/acre)
- Earnest money: $50,000
- Title/escrow: Provo Land Title Co.
- Buyer's broker: Mountain West Commercial, commission paid by city
- Seller retains water rights
- Contract address listed as NW corner of 100 East and 1500 South