Elk Grove Village is buying a vacant, 1.2-acre property on Devon Avenue with no immediate plans for the land, but with an eye toward future redevelopment.
The property at 300 E. Devon Avenue is on the northeast corner of Devon and Ridge avenues -- what Mayor Craig Johnson called "a prime intersection."
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Johnson said the purchase was made in light of planned expansion of the Elgin-O'Hare Expressway eastward and the resulting implications for more traffic on Devon in coming years.
"The land came up for sale, we saw the sign, and did an inquiry," Johnson said. "We have good flexibility for the future."
The village board this week approved a $262,800 sales contract for the land, which Johnson said will remain vacant for now.
A house on the property was demolished eight years ago after the owner died; only trees and bushes remain today.
The village will have access to the property to conduct an environmental site assessment that will include "soil testing, surveying, engineering, examination and planning," according to the sales contract. That assessment will be complete before May 30, and if there are any environmental concerns, a Phase II assessment will take place.
If that examination raises additional concerns, the village or the seller may terminate the contract.
The village will fund the cost of the property from its reserve fund. A closing is scheduled for June 13.