Village Board Approves Property Purchase in TIF District
Parcel on Archer Avenue is in blighted area targeted for redevelopment.
The village took another step toward creating an enhanced gateway into the village out of a blighted industrial area between the I&M Canal and Archer Avenue. The Lemont Village Board Monday approved the purchase of property at 10990 Archer Avenue through a substitution purchase contract between the village, owner John Ratkovich Equities LP and the State Bank of Countryside, in the amount of $375,000. The property has gone into foreclosure since the original April 20, 2012 agreement between the village and the property owner, who is in the midst of a bankruptcy proceeding. Village Administrator Ben Wehmeier explained the purchase will mark the fifth parcel of property the village will acquire in an area that Lemont has designated as a Tax …
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Edward Andrysiak
5:44 pm on Thursday, August 30, 2012
John...a little history for you. that area has been considered the large intestine of Cook County for years. It is where their junk yards, chemical plants and biker bars went. Lemont ran an expensive water line to the area and has decided to "save" it and create a "gateway" to our town. Wisdom? I don't know. We can look at some history that might be encouraging. One plan was to build an inlet off… more ›