6/17/2014 12:22:00 PM City acquires free land Wells Fargo gifts REO property to Braidwood
by Tonya Michalec Staff writer
The city of Braidwood has been gifted a piece of vacant residential property within its downtown area. Officials are ready to turn around and sell it in effort to return the once full neighborhood back.
At last week's city council meeting, Mayor Bill Rulien announced that 136 East Eureka St., owned by Wells Fargo N.A., has been given to the city.
"This is a piece of property that we got for free from the bank after they demolished a building on it and there is no point in us owning it, so we are going to try and sell it," Rulien said.
City officials voted to approve a resolution to declare the property as surplus, a standard procedure that local officials say needs to be completed prior to attempting to selling the land.
"This is a wonderful opportunity for Braidwood," Rulien said. "We not only got rid of an abandoned home that was an eyesore, we also acquired a nice sized lot to sell for someone to build on."
The city was notified by Heather Upah, asset manager for Wells Fargo's Premiere Asset Services. The service division's main purpose is to donate real estate owned (REO) properties to non-profit organizations and municipalities in order to help revitalize blighted neighborhoods.
Upah explained the bank had recently obtained the property for donation and asked if the city would be interested in accepting it. She went on to add that Wells Fargo would be providing the marketable title to the property, pay the property's taxes up to the day of closing, pay all past utility bills occurred and final closing costs necessary for the transfer of the title.
"There are a few stipulations by the bank that we have to abide by, like for example it can't be used for a park or a public parking lot or anything like that," Rulien pointed out. "Basically they told us that it has to be used to sell and have a home built on it to help restore our community that has been effected by the economy."
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