Rosemont acquiring 4 buildings with eye toward redevelopment
Rosemont plans to acquire four light industrial buildings north of the Allstate Arena with an eye toward future redevelopment of the area.
The village is paying $350,000 each for three 7,000-square-foot buildings at 7070-7098 Lyndon Ave. The village plans to acquire a fourth building, at 7100-7106 Lyndon Ave., through condemnation, under an ordinance approved at a village board meeting Wednesday.
That came as a surprise to Steve Cotsirilos, who owns the building.
"This is the first I'm hearing of it," said Cotsirilos, when contacted after the meeting. "The village hasn't reached out to me."
Cotsirilos, who has owned the building as an investment property for 20 years, thinks the village's $350,000 offer is too low. He said the price should take into consideration equipment installation costs and relocation expenses.
But Mayor Brad Stephens said $350,000 is consistent with what the village has offered other property owners in the area. The village has purchased at least six properties along Lyndon Avenue and Barry Street in the last few years.
Stephens said the plan is eventually to reach out to the remaining industrial property owners and make similar offers.
"We hope to redevelop all of that," said Stephens, adding that plans wouldn't include nearby apartment buildings.
The village's seventh tax increment financing district, established in 2014, includes the industrial buildings. Were the village to take full control, the tax base on those parcels would reset to zero and as redevelopment occurs, taxes collected will go into the village's TIF fund to pay for public and private improvements.
While Cotsirilos is the sole owner of 7100-7106 Lyndon Ave., he is a managing member of his family's Cibs Corp. that owns the three neighboring buildings. That partnership went along with the village's purchase offers.
One of the building tenants plans to relocate, while another has a lease to 2019 and one of the buildings is vacant, Stephens said.