City of DeKalb Joint Review Board Agenda TIF 3 April 2026
City to acquire NIU Monat Building for $1 and fund demolition
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Description
The City of DeKalb plans to purchase the vacant NIU Monat Building at 148 N. Third Street from Northern Illinois University for $1.00 under a Real Estate Purchase and Sale Agreement, with closing targeted for June 8, 2026. The City anticipates up to $670,000 in TIF 3-funded demolition and environmental remediation costs and a separate $400,000 paving project to create a public parking lot.
Contract Details
Contract Amount
$1.00
Vendor
NORTHERN ILLINOIS UNIVERSITY
Agency
DeKalb Sycamore Area Transportation Study, IL
Contract Type
FACILITIES
Document Date
April 19, 2026
Contract Term
Closing scheduled June 8, 2026; inspection period 56 days after Effective Date in 2026
Renewal Date
2026-06-08
Renewal Info
Agreement includes a 56-day inspection period after the 2026 Effective Date and allows the City to terminate if conditions are unsatisfactory; no automatic renewals are specified.
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