On Monday the Burlington City Council held a work session to discuss the acquisition and development agreement of the Burlington Crossing, located on the corner of Roosevelt Avenue and Agency Street.
The council will host a public hearing on this matter at their regular meeting on December 7th.
Burlington Crossings Real Estate, LLC, a local realty group, is interested in purchasing and developing the Burlington Crossing property, their future endeavors could include both commercial and residential developments.
The property was off the market for several years while Omaha-based Realty Group, Dial Realty, attempted to find developers for the property. They were unsuccessful in doing so and did not re-sign their agreement with the City after the agreement expired in September.
After years of unsuccessful attempts to develop the property, local businessmen Randy Winegard and Scott Spear believe they can offer something an outside realty group can’t.
Spear says that, “We understand that it might take some time to develop the whole property, and I think maybe that has been the reluctance in the past, is someone is looking to get it done. You know, outside people are looking to get it done quickly, we will commit some time and energy to this. But, I think once we do see dirt start to move, there will be alot of interest in the property.”
The offer proposes to pay $2.4 million for the property, $1.2 million is to be paid up front and the remainder would be paid within two years or when 50 percent of the land is developed, whichever comes first. The developers are also asking for property tax rebates.
The city will be given 30 days’ notice by December 7th, as required by law, it is considering a purchase and development offer of city-owned property. competing offers, if any, also will be heard on the 7th.
