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Village board approves authority to pursue land swap of Gilmore Road building for larger parcel with municipal parking
Summary
The village approved an ordinance authorizing staff to proceed with a no‑cash land exchange that would trade a village‑owned commercial building on Gilmore Road (valued at $500,000) for a larger parcel across the street (valued at $630,000) and require the new owner to build a municipal parking lot to be conveyed to the village.
The village board voted to authorize staff to move forward with a proposed no‑cash land swap that would exchange a village‑owned commercial building on Gilmore Road for a larger parcel across the street and include construction of a municipal parking lot to be transferred to the village.
Administrator Grace told the board the village acquired the Gilmore Road building after unpaid taxes and initially received an appraisal of $475,000; after a rezoning change its current valuation is $500,000. The parcel on the opposite side of the street carries an appraisal of $630,000, Grace said. "We are looking to swap our building with the valuation of $500,000" in exchange for the larger parcel and the construction of a parking lot, Grace said.
The board discussed details shown in Exhibit C, including the proposed location of the parking lot near Arnold/Archer streets and additional parking indicated on the plan. Grace said the new lot would be a municipal lot and, once constructed and transferred, the village would maintain it. She estimated the real‑estate closing process could take roughly 30–60 days and said title policies would be obtained for each parcel to ensure clear ownership.
Trustees asked about first‑floor uses for the Gilmore building (possible retail or restaurant) and about the number of residential units the new owner might develop on the second and third floors; Grace said engineering and architectural due diligence would determine whether 6–8 units were feasible. Board members also noted that placing the larger parcel back on the tax rolls would be beneficial to schools and municipal revenues.
The ordinance approved by roll call does not itself complete the transfer; it grants the administrator and village attorney authority to process the closing consistent with the transaction described to the board. The board recorded ayes on the motion to adopt the ordinance and directed staff to proceed with title work and next steps.
The board closed the public hearing on the land exchange earlier in the meeting after receiving the presentation and public questions. Staff said they will return to the board with closing documentation and any required follow‑up items once due diligence and agreements are finalized.
