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Hoffman Estates officials have approved the purchase of a third of an acre at the corner of Route 59 and Hoffman Avenue for $45,000 to create an electronic gateway sign welcoming visitors to the entertainment district centered around the Now Arena.
For more than a decade, the site has displayed a temporary red and black sign with the sign and the numbers 59 and 90 (representing Route 59 and Interstate 90) in the shape of a freeway interchange.
Hoffman Estates economic development director Kevin Kramer said something permanent and illuminated had long been considered at the request of Cabela and other businesses in the area.
Before the pandemic, a company was hired to draw up a 15-by-20-foot design, but village officials may revisit the sign’s appearance.
“We may reassess the scale,” Kramer told village council members at a recent council meeting. “Obviously, the cost of everything has increased significantly since 2019. So, looking back, within the price range we’re willing to pay for something of this size, to see if the size is still what we want.”
Kramer added that he hopes to have the design ready for review by late summer so it can be fabricated and installed on site.
Although the Village initially considered paying an annual easement fee of $6,000 to place the sign, staff suggested that it might be more cost-effective to purchase the land directly from Conor Commercial Real Estate.
The negotiated price for the southwest corner of the intersection was $45,000, well below the assessed value of the land, Cramer said.
The purchase agreement allows marketing signs north and south of the site to remain for one year after the sale of the remaining property or a total of five years – whichever comes first.
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