The City Council tonight is scheduled to consider two land sales that would raise cash for its tight budget.
The aldermen are considering selling the property now occupied by the Chiaravalle Montessori School to the school for $2.1 million.
The school now is in the 11th year of a 25 year lease with the city for the property, and the lease has options for two ten-year extensions.
The current lease payment is $45,000 a year, rising to $65,000 by the end of the 25-year term.
Under terms of the tentative agreement developed by city staff, the school would also be authorized to demolish an addition on the north side of the former public school and replace it with a somewhat larger one.
The city would retain its ownership of the bulk of Curry Park, located to the north of the school building along Hinman Avenue.
The building is located in the city’s Lakeshore Historic District.
The other sale involves a city owned parcel that is included within the site of a proposed new rental residential development in the 700 block of Chicago Avenue.
The city-owned vacant lot is now leased to an auto dealership to park cars being displayed for sale. The dealdership is relocating to Skokie.
The aldermen are scheduled to vote tonight on an agreement that would net the city $900,000 for that property.
The new construction project, from AMLI Real Estate Development Co., would have 212 rental apartments and 20 live/work units. It is scheduled to be reviewed by the Plan Commission on Wednesday night.
Selling off some city real estate is among the options the city’s blue ribbon committee has discusses as ways for the city to address the financial problems caused by its $145 million public safety pension funding deficit.