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updated: 3/1/2011 12:37 PM

Big Hollow could lower price of Route 12 property

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Big Hollow school officials say they will discuss whether they are asking too much for their vacant property on Route 12.

District 38 board President Vickie Gallichio said the board is prepared to consider lowering the minimum $5 million asking price for the 12-acre site at routes 12 and 134 to speed up the sale.

The meeting is scheduled for 6 p.m. Monday at Big Hollow Middle School at 26501 W. Nippersink Road, Ingleside.

"The price and the process will be discussed at length Monday," Gallichio said. "I'm sure lowering the price will be one of the topics we will discuss at length."

Officials have been hoping the district will receive $5 million for the prime real estate at one of the area's busiest corners.

Since the property went up for sale three years ago, it has attracted two contract offers, but each was scuttled due to economic reasons.

In October, the board voted to pay to demolish two dilapidated schools on the property to make the parcel more attractive. That demolition continues, Gallichio said.

In addition, she said Fox Lake village officials have hinted they'd like the price reduced to sell the land for commercial development.

If the school board decides to lower the price, officials would have to redo the entire process of obtaining sealed bids, opening bids, and determining if any are what is best for the district.

"Or, we could also decide to put the land up for auction or hire a realtor to sell it," she said. "All of these topics will be discussed Monday."