OAKWOOD — Village trustees approved an ordinance Monday authorizing the purchase of promissory notes and mortgage from Cranberry Financial LLC to gain possession of the former truck stop site located on the northeast side of the Interstate 74 interchange.
Board members agreed to pay Cranberry Financial LLC $10,000 for the notes and mortgage. The property had been foreclosed and the former owners have left the country and are in India. The village will seek a judicial deed to the 8.1 acre site and, according to village attorney P. Stephen Miller, the whole process should be completed within the next three weeks.
Also at that time, Miller will file a request with Vermilion County officials to forgive the nearly $250,000 in unpaid real estate taxes that have accrued since 2008.
Mayor Robert Jennings has said once the village gains legal possession of the site, the Illinois Environmental Protection Agency will come in and do an assessment of the site to determine how much pollution has occurred from leaking fuel storage tanks.
Once that assessment is done, the village will seek to have the site cleaned up through the Leaking Underground Storage Tank fund. The village will pay $5,000 toward clean up costs with the LUST fund paying the remainder of the costs.
Once the property has been cleaned up, the village will work with Vermilion Advantage to market the property for development. Jennings said with the removal of the unpaid real estate taxes and the leaking fuel tanks, the property would become instantly more viable for some type of commercial development.
No decisions have been made whether the village will demolish the existing buildings on the site before putting the property on the market. The village's new sewer and water provider, Galena Territory Utilities Inc., have indicated to Jennings they are willing to extend a sewer line to the property. The site already has municipal water service.