CRYSTAL LAKE, IL-This far northwest suburb is looking for developers willing and able to build in a Vulcan Materials Co.’s former gravel quarry. The city is budgeting about $20 million in tax increment financing to help spur development of Vulcan Lakes Center, south of Northwest Highway between Main Street and Pingree Road.

City officials hope to meet with potential developers early next month and pick a finalist by June 30. The would-be development team and city would have six months to strike a redevelopment agreement involving 95 acres of land under city control. Another 31 privately-held acres could become part of development plans, city officials say.

A hotel and restaurant are among the uses suggested by the city, as well as condominiums and townhomes cascading down the slopes. The city also is encouraging public recreation uses on the site, which includes a 190-acre lake as well as a smaller lake at the bottom of the quarry.

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