The Arlington Height Village Board recently approved the purchase of a plot of land near a major redevelopment site with the goal of holding on to the property for a possible future use.
Trustees voted 9-0 to have the village buy the 28,419-square-foot parcel at 6 N. Hickory Ave. for $620,000 in order to ” landbank the excess property for possible future development,” according to a village staff memo.
The land is next to the 76-unit apartment project currently under construction at 4 N. Hickory Ave. that is part of a large mixed-use redevelopment that will also include 3,500 square feet of retail space.
In July 2014, the Village Board adopted the Hickory Kensington tax increment financing district to spur redevelopment in the light industrial area located just northeast of downtown Arlington Heights.
An agreement was later signed in 2018 between the village and the developers of 4 North Hickory LLC for the redevelopment of the property at 4 N. Hickory Ave.
Village staff report that the developer “has made significant progress in the construction of the building as well as the public improvements eligible for TIF funding.”
As part of the agreement for the village’s acquisition of the adjacent property, the village had the opportunity to review all environmental studies. According to staff memos, the developer created a remediation plan that addressed the village’s concerns and was issued an Environmental No Further Remediation letter from the Illinois Environmental Protection Agency based on that plan.
The village did retain an environmental consultant in the event actions may be needed if the existing rail spur on the property is decommissioned and removed at a later date. This potential cost was included in the final purchase price.
Elizabeth Owens-Schiele is a freelancer.