City of Martinsville Regular Meeting Minutes January 2026
City Explores Land Purchase for Future TIF Subdivision
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Description
The City of Martinsville is considering purchasing 26 acres from Terry Fisher at a proposed price of $20,000 per acre with structured payments over four years at 6% interest to support a future TIF subdivision. The mayor will proceed to have attorneys negotiate a formal purchase offer.
Contract Details
Contract Amount
$20,000 per acre (proposed); 4 yearly installments of $100,000 plus 6% interest
Vendor
FISHER, TERRY
Agency
City of Martinsville, IL
Contract Type
FACILITIES
Document Date
January 28, 2026
Contract Term
4 yearly installments
Renewal Info
Prospective multi-year land purchase agreement; terms to be finalized through attorney negotiations.
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City of Martinsville City Council Meeting Agenda Jan 2026
City of Martinsville City Council Meeting Agenda Jan 2026
City of Martinsville Regular Meeting Minutes January 2026
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