‘Excited about the opportunity’: Investor buying Wauconda’s original village hall

The pending sale of Wauconda’s original village hall is meant to revive an old building and bring new business and visitors downtown.

The village board last week approved a sale agreement with Ya-Mon Properties Ltd., a local investor with other interests in town, for the two-story building at 100 N. Main St.., for $157,000.

Prominently located with views and access to Bangs Lake, the structure was built in 1907 and has served as village hall, police headquarters, a community center and offices for the Wauconda Area Chamber of Commerce.

It's been vacant about a year and was considered practically unusable due to mechanical and structural issues. Unwilling to pay for extensive repairs or have the building demolished, the village opted to test the market.

Only Ya-Mon responded to a request for proposals to renovate and reuse the building.

The deal is in the due diligence stage, with closing anticipated in early September. Among the conditions are that nonprofit or tax-exempt uses are prohibited on any portion of the property and that no more than 25% of the square footage on the first floor can be dedicated to antiques.

Village Administrator Allison Matson said the agreement reflects the village's strategic plan as well as the results of resident surveys asking officials to be more aggressive in economic development.

The sale would preserve a local landmark, put the property on the tax rolls and help existing businesses by drawing additional foot traffic, she added.

According to a summary, the buyer will work in the best interest of the village to provide uses that attract more visitors. Ya-Mon has to make structural repairs, remediate asbestos and complete exterior renovations consistent with a rendering the company supplied, or as approved by the village.

Permit fees will be waived for three years and the village also would rebate its portion of property taxes for five years or consider other incentives if a tax increment financing district is approved at a later date.

Ya-Mon a few years ago bought and renovated a building at 314-316 Liberty St. now occupied by Alonso's Burrito Express and also owns about 7 acres of commercial property nearby between Route 176 and Barrington Road that includes various businesses.

The company last year received a $20,369 facade improvement grant for the Liberty Street property. That and the other holdings are in a village TIF district.

“We have a very good relationship with the village of Wauconda based on our investments there,” said Rich Glogovsky, one of three Ya-Mon partners. “It's a partnership with those folks. We're excited about the opportunity.”

He said there have been inquiries about the space but no tenants have been announced. A restaurant is the type of use that could draw people, he added.

“It's a nice area,” Glogovsky said of the location. “We want people to gather and enjoy themselves.”

A new TIF would help address some “stubborn vacancies,” Matson said.

“We have a lot of older buildings and they're harder to renovate and renew as they become vacant,” she said.