Prospect Heights hopes to sell last pieces of Arena land

Prospect Heights is trying to sell the remaining land it owns on the east side of the city as a result of the failed 1990s era Arena project.

A 2.2-acre site on the south side of Palatine Road, which includes a 27,800-square-foot building, is advertised for a minimum of $800,000, Mayor Nick Helmer said. Two vacant parcels of 10.5 acres nearby and east of Wolf Road also are available.

Prospect Heights is asking for sealed bids that will be opened in January, Helmer said.

The city still owes $5.5 million from recently refinanced bonds issued for the purchase of the property in a Tax Increment Finance district. Helmer acknowledged the sale would probably not erase all the debt but said it could “dent it.”

The proposed Arena project ended after Prospect Heights voters in 2004 rejected issuing an additional $25 million in general obligation bonds for the project. Developers then built the Sears Centre in Hoffman Estates instead.

In 2006 the city sold 14 acres of the Arena land to Chicago Executive Airport, which is owned by Prospect Heights and Wheeling. For years litigation prevented the sale of the remaining land.