The building will be remodeled and replace the current fire station and headquarters at 112 E. Northwest Highway.
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The village now has a 60-day due diligence period to review the property's environmental suitability and structural condition.
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"We have the opportunity to secure a property that we believe has great strategic value to our emergency response mission for the fire department," Village Manager Michael Cassady said. "Given that we were looking to relocate our police headquarters, we didn't feel like we should just ignore fire."