GlobeSt.com UPDATE: Triangle May Turn To Gold

BARRINGTON, IL-If village trustees in this northwest suburb of Chicago do not hear news of a breakthrough in negotiations with a major “Golden Triangle” property owner Monday night, they appear ready to delay eminent domain proceedings at least three more months. That would be a year after the village’s first offer to Ren Goltra for his 5 acres along the southwest leg of the Barrington Village Center TIF Redevelopment Project Plan site, bordering the Union Pacific and Metra commuter railroad tracks.

While continuing to negotiate a letter of intent with Goltra and his attorney, Village Manager Robert R. Irvin is recommending the delay even though he concedes most trustees favor commencing eminent domain proceedings to spur redevelopment of a 14-acre site considered a “blighted” area in this affluent suburb. Irvin cites uncertainties about the cost of preparing the site for development as well as other details needed to be resolved before both parties can proceed in good faith.

The village had been negotiating a letter of intent with Northbrook, IL-based James Co. and Oak Brook, IL-based Mid-America Asset Management, the top choice among 43 developers considered, to create a 175,000-sf mixed-use project with green space similar to Market Square in the North Shore suburb of Lake Forest. Then, new Village President Marshall Reagle personally entered negotiations with Goltra, which resulted in the village offering more than $3 million for the property that includes a small retail structure.

The village is leasing back one of two 1-acre sites to ADCO Van Lines at $60,000 per year, Irvin says, until it is ready to proceed with a redevelopment plan.