Galesburg aldermen will convene tonight to discuss an amended lease renewal that will likely cost the city big.
Falling prices of corn and grain have valued the lease on a portion of city owned farm land at about $32,000 less than what was paid for it in recent years. Nearly 170 acres at the Galesburg Business Park are rented by Triple T Farms. Council documents indicate the company wants to renew their lease at $300 per acre, down from $507.
Aldermen could consider bidding out the land, however, advisement shows price per acre could fall even lower. The adjustment would be for one year. City Manager Todd Thompson has advised approving the amended agreement.
Other items on tonight’s agenda include an agreement with landscape company Massie and Massie for development plans on a number of spaces in the downtown area. Additionally, Larson Family Real Estate, the developer for Slumberland
Furniture, has asked the city for a sales tax rebate extension which is expected to be approved. Mayor John Pritchard says the extension is due to the business running behind schedule.
