A flood-prone, two-story home on the North Branch of the Chicago River would be demolished and the site converted to public open space under a proposal Mayor Richard M. Daley presented to City Council today.

Located adjacent to the river at 5051 N. Monticello Ave., the house has been vacant since a September 2008 rain storm inundated its basement and first floor with water. For the house to be habitable again, it would need $100,000 in flood-proofing and repairs, according to insurance reports. The homeowner is instead electing to sell it to the City to add to the Albany Park community's open space assets.

Under the proposal, $102,500 in Open Space Impact Fees would be matched by a State of Illinois grant to purchase the house and convert the 5,100-square-foot site to public open space. The combined funds would cover demolition costs, estimated at $20,000, and open space development costs, estimated at $30,000.

“These projects are part of our commitment to providing open space and recreational opportunities to neighborhoods throughout the City,” Mayor Richard M. Daley said. “Green space and open parkland is an important part of our commitment to the quality of life for all of Chicago’s residents.”

Open Space Impact Fees are collected from new residential developments to help finance new open space projects within each of the city's 77 community areas.

The state grant is available through disaster funds provided by the U.S. Department of Housing and Urban Development.