Glen Ellyn OKs deal to sell land by Stacy's Tavern

In 2010, the village of Glen Ellyn bought a prominent lot where a dilapidated gas station once stood, aiming to make improvements to the site and spark redevelopment.

Fast forward five years, and another gas station developer is offering to purchase the village-owned property north of downtown.

Glen Ellyn trustees on Monday unanimously approved a contract to sell the vacant land for $630,000 to True North Energy LLC. The deal could be finalized within 90 days, Village Manager Mark Franz said.

At the same time, True North is seeking village approval to build a proposed gas station and 4,200-square-foot convenience store that would sell beer and wine. Under the terms of the contract, the sale of the property depends on True North securing a liquor permit, among other contingencies.

"It seems recently, over the last year or so, that's been a couple of the proposals we've looked at has been a gas station," Franz said.

The village paid $590,000 to buy the property across from the Stacy's Tavern Museum at the so-called five corners intersection of Main Street and St. Charles and Geneva roads. The village also spent about $90,000 to demolish the former Marathon gas station and complete environmental remediation of the soil.

In 2012, the village put out a request for proposals from developers and received two, one of which "was explored, but never came to light," according to a memo from Economic Development Coordinator Meredith Hannah to the board.

About two years later, no one responded to the village's second formal request for proposals. The village board then hired a real estate broker in August 2014 to market the property with an asking price of $699,000.

That real estate firm, DKMallon, brought forth the latest offer from True North.

The contract also calls for the Ohio-based company to put $100,000 in an escrow account. If True North secures all the necessary village permits and approvals within 180 days after the deal closing, the developer would get back $25,000 of the escrow funds. The remainder would be returned after the gas station's first week in business.

If the developer fails to construct and open the proposed business within a year after obtaining permits, the money would be paid to the village.