The $2 million purchase of the Central Lake YMCA by the Vernon Hills Park District is nearly complete with the 5-0 approval Thursday by the park board of a purchase agreement for the building and property at 700 Lakeview Parkway. The district will put down $100,000 in earnest money and has until Dec. 3 to complete its due diligence and could theoretically back out of the deal. "We're pretty committed to buying it," said board President David Doerhoefer. The village will lend the park district just over $2 million interest free. The 13-year pact, approved Tuesday by the village and park boards, calls for no payments the first three years. The Lake County Family YMCA, which also operates a facility in Waukegan, had announced that both facilities would close Oct. 31 because of financial difficulties. Both remain open as options to sustain the operations are explored.
Park district votes to buy Y:
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.