Story posted Wednesday, January 27, 2010
Village Agrees To Land Swap Deal With Developer
By DWIGHT ESAU Journal & Topics Reporter
Rosemont officials recently took action to help convert an old commercial building in the Foster Avenue corridor into a parking lot for an area developer.
At their meeting on Jan. 13, village trustees approved an ordinance authorizing a bulletin license agreement with owners of property at 9712 Foster Avenue, at the far western end of the corridor between Rosemont and Chicago. The site abuts the east side of the Tri-State Tollway property.
The agreement actually extends an arrangement that permits a sign on top of the building, along with the building itself, to remain for two more months before the structure is demolished.
The village recently bought the land and plans to trade it to Center Point Properties for a parking lot, in exchange for some developable land located elsewhere in the village.
"This property is located in the City of Chicago, and we aren't interested in developing it, but Center Point is, and the land swap developed," said Mayor Brad Stephens.
In a related action at the same meeting, trustees renewed for three years a bulletin agreement with United Airlines for a billboard that rises above the CTA parking lot on River Road, at a 3% land use rate increase.
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