The city of DeKalb reached an agreement this week to purchase the site of the vacant Monat Building from Northern Illinois University’s Center for Governmental Studies for $1.

City Council action in a unanimous 7-0 vote helps pave the way for additional parking in the city’s downtown at 148 N. Third St. The city plans to demolish the building, formerly the Rice Hotel, and turn it into a parking lot.

“The raising of this property would introduce approximately 59 regular parking stalls, which include three handicap stalls, as well,” City Manager Bill Nicklas said.

In order to make plans for additional downtown parking possible, city officials will turn to the downtown tax increment financing district (TIF) fund assistance. TIF money is meant to be used for development and can be used to rehabilitate dilapidated or aged buildings or land for improvement.

Demolition could cost between $618,000 and $670,000, city documents show. But this figure does not include final paving and striping expenses.

The city’s Joint Review Board was consulted for feedback in April. The board reacted positively to the proposal, Nicklas said.

Nicklas urged the council for its support.

“We recommend that we proceed with this, and the joint review board does, too,” Nicklas said.

The former Monat Building was constructed in 1927 and was named after the university’s eighth president, Bill Monat.

Before that, the 28,000-square-foot building was known as the Rice Hotel.

One tricky thing, Nicklas said, is that the former Monat Building remains adjoined to another building immediately to the south.

“Special care has to be taken to make sure that other properties are not damaged,” Nicklas said.

Third Ward Alderman Tracy Smith pointed to some of the challenges the former aged building faces. It’s not up to modern standards for disability access.

“It’s not ADA accessible,” Smith said. “There’s no air conditioning. A lot of window units. Like you said [Nicklas,] the restrooms are not one on each floor, so there’s nothing there for code compliance. And a big one is there’s no sprinklers.”

It’s been difficult to find an alternative use for the former Monat Building over the years, Nicklas said.

Nicklas said rehabbing the space would come with a hefty price tag.

“That’s one of the reasons why it was remodeled once and at a significant cost,” he said. “It’s hard to believe that somebody would invest in that again at the same price.”

First Ward Alderwoman Carolyn Zasada and Fourth Ward Alderman Justin Carlson said they are all for more downtown parking.

“I’m highly in support,” Zasada said. “I think we need this, especially as the city is growing and booming and more things are happening. It’s a need.”

“We need more parking,” Carlson said. “We need to develop our downtown.”

The “Monat” name no longer belongs to the building on the lot near East Lincoln Highway and Third Street, as the university last week dedicated another building closer to campus at Carroll Avenue and West Lincoln Highway with the same name.

How the lot would be named moving forward remains unclear.

Mayor Cohen Barnes said the city understands the task.

“We’ll get creative,” Barnes said.