The Village of Algonquin Board raced through a ho-hum agenda Tuesday and then scurried into closed session to discuss "pending litigation." Which pending litigation wasn't disclosed but a good bet was on the Village's suit to tear down Riverside Square and what to do with it if the moldering Downtown condo complex sells at bankruptcy auction tomorrow.
Trustees and Village staff were closed-mouthed when they came back but reading between the lines of their elliptical comments the conclusion was probably "it depends." Riverside Square was supposed to be 54 upscale condominiums and at least 4 similarly tony retail shops but the concept was hatched at the height of the real estate bubble and doesn't seem very likely now. The questions are what would a buyer want to do with the half-finished and decaying project, what would the Board accept and how much longer will they wait for it? The answers depend on whether there's a buyer at all.
Riverside Square was tipped into bankruptcy over two years ago and last year the Village ran out of patience declaring it in violation of eight different village ordinances and a safety hazard. Later Algonquin went to Circuit Court requesting an order to tear the structure down since no one was trying to fix it.
The minimum bid on the project is $1.25 million and at that price even in a stalled housing market there seems to be some level of interest. Last night, for instance, someone in the Chicago area read every story FEN's ever written about Riverside Square.
http://www.conservemc.org/RainbarrelsNEW.htm ) but residents can pick them up in the village instead of driving to Woodstock and back. There's a small profit to the Village on the things and Manager Bill Ganek said that would go to help pay for Algonquin's ECO Committee.
In the pic: Algonquin Trustee Debby Sosine impersonates Betty Furness to convince fellow trustee Jerry Glogowski his life isn't complete without an eco-friendly 50-gallon rain barrel.