Deal with new BMO bank building to add public parking in downtown Palatine

A redevelopment agreement with the prospective new owner of the BMO building in downtown Palatine promises to boost the inventory of public parking in the area.

Palatine village council members gave the village manager permission Monday to ink the agreement with Brockway 50 LLC, which is close to acquiring the building at 50 N. Brockway St.

The company intends to renovate the building to make it more inviting, with a redesigned entrance and architectural elements that will replace existing solid walls.

The village would reimburse 50% of renovation costs up to $750,000, including exterior renovations.

But Village Manager Reid Ottesen said the agreement has a public benefit, with additional public parking on the property.

A minimum of 24 spaces will be available during daytime hours. The majority of the lot — approximately 75 spaces — will be available at night and weekends, Ottesen said.

An additional 40 spaces immediately west of the bank will also become available during the day, he said.

The village was negotiating the parking deal as late as last year.

“It's been a long time coming and will serve as a catalyst for us being able to make a lot of other public investment,” Ottesen said. He said it promises to spur improvements related to outdoor dining and other spaces.

The agreement also sunsets a previous easement that had reserved more than 40 parking spaces on village-owned property for BMO customers and employees.

Ottesen said recent parking studies show these spaces are underutilized, with only three to four cars typically occupying the area.

Construction would begin after Palatine Street Fest with work to be completed in the fall.