Antsy Libertyville officials OK 11th extension of Bolander Park sale
Libertyville officials' patience is wearing thin after closing on the sale of a park they're eager to unload has been delayed again.
The village board on Tuesday agreed to an 11th extension with Swanson Development LLC of Lake Forest for the sale of the Bolander Park property at 625 Winchester Road.
The $2.05 million deal was to have closed Wednesday, but another wrinkle beyond the control of either party again postponed the sale.
"We've been on this road quite awhile and we've seen lots of delays," said Trustee Scott Adams. "I'll go along with it this time but I won't go along with it next time."
Delays have been granted to allow the would-be buyer to investigate and deal with soil contamination on the site, as there had been underground storage tanks at the former construction company facility. Most recently, a sample showed what was described as a "very small" amount of arsenic in a "very localized" area, according to an environmental consultant.
Lake Forest developer Rick Swanson wants to build 56 upscale townhouses on the site. In September, he received an extension to finalize an agreement with K. Hovnanian Homes, which replaced the original investor.
Village officials were told K. Hovnanian is requiring approval of a remedial action from the Illinois Environmental Protection Agency, which is expected to take four or five weeks.
Swanson already has deposited $150,000 in nonrefundable earnest money. The village staff suggested $125,000 more to cover out-of-pocket costs for moving the village's park headquarters from Bolander in anticipation of a September closing.
"We want to make sure that particular portion of our expenses are covered," said Mayor Terry Weppler.
Swanson said nearly $200,000 already has been spent on environmental issues associated with the project. He was able to offer the village $50,000 more but said he couldn't afford $125,000.
"I don't think anybody in this room is questioning the commitment to this project," Swanson said. "We're really at the one-yard line. We're asking you to have a little more faith in us."
While wary, village officials agreed to another extension. The village could have gone to the closing to satisfy a legal requirement showing it was ready to proceed, which in turn could open the door for legal action. However, Weppler and others agreed the proceedings have occurred in good faith.
"I think this is a good deal. Everybody wants it to happen," said Trustee Todd Gaines.
Trustees agreed to accept Swanson's $50,000 offer and set a closing date on either 10 days following the IEPA approval or Jan. 13, whichever is earlier.