Illinois State University is buying a commercial property across Main Street from Hancock Stadium.
The owners of Weavers Rent-All will relocate within two years of closing on the deal worth $1.25 million if trustees approve the proposal on Friday. The John and Antoinette Peterson family will receive $750,000 in cash and make an in-kind donation to the university of half a million dollars that will make up the rest of the purchase. ISU has been on the lookout for land that contributes to its master plan and calls the lot a highly strategic property. The University plans to use it for surface parking initially because Hancock Stadium renovation will reduce available parking after 2013. Longer term uses could include a parking deck or a university welcome and information center.
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