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Palatine committee approves redevelopment agreement for 50 N. Brockway Street; project moved to consent agenda
Summary
The Village of Palatine’s Community and Economic Development Committee approved a redevelopment agreement with Brockway 50, LLC for 50 North Brockway Street and sent the item to the council consent calendar. The agreement would reconfigure parking and support exterior building improvements tied to new ownership.
PALATINE, Ill. — The Village of Palatine’s Community and Economic Development Committee on April 7 approved an ordinance authorizing the village manager to execute a redevelopment agreement with Brockway 50, LLC for the property at 50 North Brockway Street and forwarded the item to the council’s consent agenda.
The committee action, moved by Councilman Millar (Community and Economic Development Committee chair), approves a redevelopment agreement that would consolidate several parking lots, reconstruct a village-funded parking area using TIF funds and allow daytime, evening and weekend public use of portions of the lot. The draft agreement also contemplates exterior alterations to the former BMO building under new ownership and the incoming owner’s plan to relocate their business into the building, which staff estimated could add “probably 40 upwards of 40” people to the…
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