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updated: 3/19/2011 9:40 AM

Wolff's Flea Market extends Palatine lease for another year

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You won't have to wait until it's warm outside or travel to Rosemont to get your flea market fix.

Wolff's Flea Market this week extended its lease through March 2012 at the old Menards building, 1775 N. Rand Road.

Wolff's, which opens its summer season April 17 at Allstate Arena, will pay $10,000 a month rent to use the village-owned building. The flea market operates year-round in Palatine.

Not on board was Councilman Aaron Del Mar, who said Wolff's should pay a rate closer to other big box rents in Palatine, which Village Manager Reid Ottesen put in the $8 to $12 per square foot range.

Del Mar also didn't support a new item in the lease permitting Wolff's to place half its rent into an escrow fund for use in paying applicable property taxes, a move that could cut the village's revenue by half.

Owner David Wolff said the deal is the only way the flea market could continue in Palatine because attendance has dropped significantly.

Despite Del Mar's criticism, other officials agreed the lease was still a good deal for Palatine since it gets the village off the hook for the $30,000 to $50,000 in estimated annual maintenance costs of the building.

Ottesen also pointed out the village can cancel the deal with four months notice in the event a developer interested in the site comes forward.