DEKALB — The DeKalb City Council approved an agreement with Northern Illinois University to purchase the vacant Monat Building at 148 N. Third St. for $1, clearing the way for demolition and construction of a new downtown parking lot. City officials said the project is expected to add about 59 parking spaces, including three handicap spaces, with a net gain of about 56 spaces after some on street parking is removed. Officials said the project would also improve access to nearby city owned property near West Lincoln Highway and Illinois Route 23 for possible future redevelopment. City Manager Bill Nicklas said the parking lot could serve as a temporary use while the city continues planning long term redevelopment opportunities in the area. Preliminary estimates place demolition and site preparation costs at about $670,000, with an additional $400,000 expected for future paving and striping. Funding will come from Tax Increment Financing District 3, which has a projected year end balance of about $2.3 million.
