Evanston City Manager Wally Bobkiewicz says he’s buying a condo in Evanston, and making use of a provision in his city contract to help pay for it.
Bobkiewicz, who’s been on the job for nearly two years, is buying a condo in the Biscuit Factory lofts development at 601 Linden Place.
The complex, once a Nabisco factory, was redeveloped in the mid 1990s as residential condos. The one- and two-bedroom units originally sold for $90,000 to $170,000.
Under his contract he’s entitled to an interest-free loan from the city of $200,000 to help purchase a home in the city, and he’s exercising that clause in his contract to buy the condo.
Bobkiewicz says he plans to move into the new place within the next couple of weeks.
The manager, who by contract is required to live in the city, has been renting in Evanston until now.
If he quits or is fired from his city job, he’ll have up to a year under the contract to repay the loan.
Above: Google Maps image of the Biscuit Factory lofts.