The final piece of the puzzle that will create a new downtown apparently has fallen into place with an agreement for the village to buy a key piece of property.
The Village Board this week announced an out-of-court settlement to buy the Ace Hardware site at 4 S. Roselle Rd. at the corner of Schaumburg Road for $625,000 from owner Ralph Bulgarelli.
At a little less than an acre, the Ace land is the final tract needed to make up the entire 29-acre site that now is being transformed into a downtown area for the village, to be known as Town Square.
The Ace building will be torn down and replaced with a clock tower and open space, giving visitors a view into the downtown area and its retail shops, restaurants, pond, outdoor amphitheater and the Schaumburg Township Library.
The village started condemnation proceedings in an effort to acquire the property but never got far in court.
Terms of the settlement call for Bulgarelli to vacate the property by June 23, said George Longmeyer, village manager.
