Updated 1/27/11 — 8:02 p.m.

ROUND LAKE BEACH, Ill. (CBS) – A 70-year-old man was arrested in Tennessee this week, ending the nearly 30-year-old investigation of a murder in far north suburban Round Lake Beach.

Robert L. “Bobby” Bostic is charged in the murder of Carlton Richmond, 31, who was shot to death in a garage at 811 Oakwood in Round Lake Beach on June 25, 1982.

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A police investigation found that Richmond and Bostic were both members of a motorcycle club that used the garage as a clubhouse, a release from Round Lake Beach police said.

Four witnesses have provided information to authorities tying Bostic, then a member of a motorcycle group known as “The Wheelmen”, to the deadly shooting, prosecutor Steven Scheller said during his bond hearing.

Since 1982, however, investigators and the Lake County State’s Attorney’s office periodically evaluated the “cold case” for additional information or cooperative witnesses, police said.

On Tuesday, Round Lake Beach investigators appeared before a Lake County judge, who issued an arrest warrant for Bostic, charging him with one count of first-degree murder, the release said.

He was arrested at Tuesday morning without incident, with assistance from the Roane County, Tenn., Sheriff’s Dept., the release said.

Bostic has waived extradition and arrangements were being made Wednesday morning to have him brought back to Illinois, where he will face up to 60 years in prison if convicted.

During his first court appearance Thursday in Lake County, Judge Raymond Collins ordered Bostic held on $2.5 million bail.

Wearing a blue jail jumpsuit, his hands shackled at his waist, Bostic said little during the hearing.

Asked by the judge if he could afford to hire his own attorney, Bostic replied, “I don’t know. Maybe.”

The Sun-Times Media Wire contributed to this report.