Schaumburg officials could decide Tuesday to begin marketing the sale of a 54-acre site they assembled a decade ago near the village's southwest corner.
The Murzyn-Anderson property is south and west of St. John Lutheran Church along Irving Park and Rodenburg roads.
The village paid a total of $7.8 million for the site in three purchases in 2003, 2005 and 2007.
The intention was to reserve the land for what could be one of Schaumburg's last big developments.
"In some ways, we were waiting for the real estate market to recover a bit," Village Manager Brian Townsend said.
By way of comparison, the site that houses the village's Renaissance Hotel and Schaumburg Convention Center at I-90 and Meacham Road is 45 acres.
Though a single buyer remains the preferred option, the village might eventually consider multiple buyers if a sole one doesn't come forward within a reasonable time, he added.
But the village remains committed to finding a use or uses compatible with the Schaumburg Regional Airport and residential neighborhoods close by, Townsend said.
That means an entertainment use complementary to the nearby Schaumburg Boomers Stadium or light industry coupled with office buildings.
Houses, apartments or condos are definitely not an option there, he said.
Though the economic downturn proved one source of delay in the sale of the property, a required environmental cleanup was another.
In 2013, the Illinois Environmental Protection Agency gave Schaumburg a $400,000 loan for such a cleanup.
The village had long disputed the IEPA's classification of the site as contaminated because its only prior use was farmland. But the IEPA has particular standards it must adhere to after having found some poor soil conditions.