Stewart is 81 years old "and wants to divert some of his resources for estate purposes," his son, Russ Stewart, vice president of Tri Star Marketing, told the newspaper.
Tri Star Marketing, still based in Urbana, operates 49 [image-nocss] Super Pantry convenience stores/gas stations in northern and central Illinois and two Super Pantry stores in Lafayette, Ind.
City officials said they are not sure yet how they will use the 10,000-square-foot building, currently vacant, and the nearly two acres it sits on. But they said it's a great deal for Urbana.
Aldermen voted to accept the donation this week.
"It would have been better if we could sell it, but we couldn't and it's been vacant for two years," said Russ Stewart. "[Dean Stewart's] intention, if he can't do anything with it, he wants somebody who can use it and make a go of it."
Stewart said his father initially sought requests for proposals from not-for-profit organizations, but those that would accept the building wanted to turn around and sell it. For estate tax purposes, there is a penalty to the donor if the building is resold within three years. Urbana promised to keep the building for at least that long, he said.
"Urbana has been good to us over the years," Stewart said.
City officials said the donation could help the city deal with a space crunch. "It has a lot of potential for different uses," Urbana Alderman Charlie Smyth told the paper. "The city is bursting at the seams. We'll have to make a $100,000 investment up front [updating the building's interior], but we'll get a $725,000 building."
The city will do a study to determine the best use for the building, he added.
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