The environmental assessment of the Speedy Citgo property is continuing and the gas station .
Earlier this year, Palatine bought the 0.37 acre site at 5 W. Palatine Rd., for about $1.2 million. A portion of the purchase price, $450,000, was placed in an escrow account and will be used to deal with any environmental or clean up costs associated with the property.
Palatine has contracted Shaw Environmental to remove underground tanks for $42,300 and demolish the property for about $63,100. So far, the tanks have been removed and village officials believe the building will be demolished in December once permits are received from the county.
Village officials have said that cleanup property could take up to two years once the building is gone. However, the $450,000 escrow account will go toward those expenses. Also, officials have said that up to 85 percent of the cost can be reimbursed by the Illinois Environmental Protection Agency.
The Palatine Village Council will receive an update on the project at the Monday Council meeting and will be asked to approve $40,200 in additional costs for Shaw. The costs relate to "site investigation for underground storage tank leak incidents prior to the Village's acquisition of the whole property as well as impact found during the tank removals," a village staff report states.
The additional work will include soil and groundwater samples.