Libertyville has negotiated a settlement regarding the site of a failed grocery store along Milwaukee Avenue and moves the village closer to find a business to move into the high-profile property.
A settlement has been reached with mortgage holder, MB Financial Bank, to resolve and release the village’s lein on the property at 1600 S. Milwaukee Ave. for $61,500.
Following the board’s approval Tuesday night, Mayor Terry Weppler said it is good that the village has been able to resolve this issue, to move on and start looking at other proposals.
“It makes the property available for sale. We resolved the issue. The property owner can move forward and potentially get the property developed for other uses now,” Weppler said. “I know that there are several people who expressed interest on the property, so they can start marketing and entering into a contract to get that property developed.”
Weppler said several people have expressed interest and discussed working with the village. But he added he could not disclose any potential businesses or their plans at this time until they come forward.
In 2007, construction began at the property located on the village’s southern edge where Frank’s Nursery and Crafts had once operated. The site was to become a Fresh Foods grocery store.
Problems arose when the property owner and developer became insolvent, and construction was abandoned leaving the partially constructed structure on its site.
The village filed suit, the building was demolished and the site was cleared in 2010. The village then filed a demolition lien against the property for $65,000.
The mortgage lender, Broadway Bank, was closed by the Federal Deposit Insurance Corporation and MB Financial acquired the assets, including the mortgage.
According to village officials, the settlement now furthers the process to allow MB Financial to complete foreclosure in order to take a clear title.