It took longer than expected, but Big Hollow Elementary District 38 has accepted a bid for its vacant Route 12 property near Fox Lake.
District 38 officials said in a news release Tuesday the school board authorized the sale of the old campus property at Route 12 and Route 134 in Ingleside to Interstate Partners, LLC for a final price of $3.8 million.
Despite authorization of the sale, the property is not sold yet, officials warned. The deal hinges on school attorney revision, board approval, and other paperwork issues.
Big Hollow Superintendent Ron Pazanin and board President Vivian Kueter were unavailable for comment Tuesday.
The 12-acre site has been vacant since the district moved into its new campus at Fish Lake and Nippersink roads in Ingleside in 2006.
Initial property assessments valued the prime commercial property at $5 million, but that assessment took place prior to the recession and the ongoing weakness in the housing market.
Earlier this year, the district reduced the sale price of the property from the initial $5 million estimate to $2.8 million.
In addition to lowering the price, the district has demolished two vacant school buildings that had been on the property and cleared the site.
Since first putting the land up for sale, a purchase contract has been signed by two developers, but both backed out of the deals for different reasons.Copyright © 2013 Paddock Publications, Inc. All rights reserved.