ILLINOIS VALLEY CELLULAR COMPLEX
FOR IMMEDIATE RELEASE
Illinois Valley Cellular was proud to call Marseilles its home for approximately 30 years. However, as most everyone knows it was sold around the first part of the year and the new owners are slowly cutting operations at the facility. When it was known that the building was going to be put up for sale the city expressed an interest. City officials determined it would fit the city’s needs for city hall and the police department for decades to come. A motion is planned for the council meeting for city officials to move forward with further negotiations.
Nothing has been finalized, discussions have included the Illinois Valley Cellular operations will stay located within the complex until such time as they determine the future of their Marseilles operations. The city is hopeful they will at least keep a store front in town. The timing was great as the city was considering doing much needed remodeling and upgrades to the current city hall.
The following are some facts the city has considered.
The complex occupies 6.40 acres, and the building is 27,315 square feet in size. The structure is approximately 23 years old and has been appraised for $1,600.000. The estimated cost to build this building today is 4 million. The parking lot alone cost 650k at the time of construction. It was listed with the realtor for 2 million. The new owners stated they would sell it to the city for 1.45 million. This calculates out to $53.00 a square foot. Remodeling present city hall $343,200.00 to $514,800.00 calculating out to $80.00 to $120.00 a square foot. The city would also have the option to sell some of the real estate for other construction or business purposes. The location is adequate for both the city hall and police departments and a larger council chamber for meetings compared to our present council room which at times is above capacity as dictated by the fire chief and State Fire Marshal. The police department has a need for a garage. Acquisition of this building would give them the garage space that is needed for their equipment.
The police department presently can’t hold or sponsor any training classes because they do not have a training room.
The present city hall is approximately 100 years old and originally was a car dealership and a garage. The facility needs extensive upgrading. City Hall alone has 4 furnaces and air conditioning units. Along with eleven different electrical panels. The windows are bad and there isn’t any insulation. We are not ADA compliant. Consideration has been given to updating as we just can’t continue to let it go with updating forever and construction costs will only consistently go up. If we did that, we would still have an old building.
City has several financing options ranging from conventional loans to bonds or a USDA Loan. Based upon research it appears alternate revenue bonds are the best way to go estimations are the bonds will be approximately 4.5% interest. The city would have the facility paid off in 15 years. Payments can be made with current income and there would be no tax increase.
City Hall and the police department buildings are being appraised and the city will be taking bids for their sale.
With the city purchasing the complex also assures the museum will stay. No guarantee of that if someone else buys it.
