The Palatine village council this week authorized Village Manager Reid Ottesen to begin negotiating a contract with a Rockford-based real estate firm hoping to redevelop the former Menards site on Rand Road.
First Rockford Group is proposing a deal to purchase the property at 1775 N. Rand Road for $3 million initially, plus another $3 million from revenue generated by the new businesses it develops there. The company was the only firm to submit a bid for the site when the village recently issued a request for development proposals.
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The village bought the property for $8 million in 2009 after Menards opened a new store in Long Grove and closed the Palatine location. Since then, the property has been used primarily as the site of a Wolff's Flea Market, which pays the village $10,000 a month to use it.
Although there has been no official indication of what retailers First Rockford intends to bring to the site, Palatine officials last month said the developer has specific stores in mind but wanted to formalize an agreement with the village before pursuing them further.
Founded in 1984, First Rockford Group has developed shooting centers in Rockford, DeKalb and Machesney Park, as well as office complexes and residential properties in Rockford.