The village has purchased for one dollar a 35-by-40 foot "notch" of land tucked behind the Marshall Field's building, just north of the Prairie Way alley, that will be used to expand the Holley Court parking garage.
The village's agreement with Whiteco Residential states that if the village were to be unsuccessful in obtaining that land, the number of public parking spaces required for the project would be reduced from 450 to 420.
In exchange for the low price on the parcel, Water Tower Realty, which owns the land and the Field's building, will be given the option of purchasing up to 100 daytime parking permits at the garage. Water Tower requested access to parking spaces, which will be needed when vacant office space at the Field's building is leased.
The expansion of the garage will be more cost-effective, and create an additional entrance into the parking structure, said Mike Chen, village development director. Previously, the village was planning to build multiple walls that would surround the notch, which would have been more expensive.
The parcel is currently used as a loading zone.