Edgerton buys "blighted" house near City Hall
EDGERTON—Edgerton officials hope the city's purchase of a vacant, foreclosed rental home two doors down from City Hall will lead to demolition and construction of a new home there.
The city council approved a deal Monday to buy a two-story rental home at 16 Albion St. for a maximum price of $17,500. City Administrator Ramona Flanigan said the city plans to market the property to another buyer later.
The plan would be for someone else to tear down the property, which Flanigan called “blighted,” and build a new home there, Flanigan said.
The property, which Flanigan described as a “two-flat” rental property, has been vacant for more than a year and is in foreclosure.
“The house is in really tough shape,” Flanigan said. “The thought is what's best for the community is to get the property removed and build a new structure. Our objective is to improve the neighborhood.”
The city found the property listed on the online real-estate auction website homesearch.com. The city is negotiating closing as the winning bidder, Flanigan said.
The company lists bank-owned properties. The property was listed by a Century 21 real estate affiliate in Madison. It had an original price listed of $1,500.
“That price indicates it's a tear down,” Flanigan said.
Flanigan said it's the first time in her 19-year tenure that the has bought a blighted residential property on speculation. She said it could be the first in a program to eliminate or revitalize blighted residential properties.
It's not clear if the city has a potential buyer in mind.
Flanigan said the city has no plans to use the purchase to expand City Hall. A home between the property and City Hall will remain in place, and Flanigan said the city has no immediate plans to buy other homes along Albion Street or elsewhere.