$4.8 million asking price for two Dist. 59 properties
Two properties owned by Elk Grove Township Elementary District 59 are now officially for sale for at least $4.8 million - money the district hopes to use to build a new administration center.
The school board voted 6-0 Monday to sell the current administration building at 2123 S. Arlington Heights Road and the neighboring vacant property that once contained Wellington banquets in Arlington Heights. Five votes of the seven-member board were needed to pass, under rules of the Illinois school code. Board member Tim Burns abstained.
The district will now try to sell the properties through a sealed bid process. The district has proposed a $4.8 million minimum purchase price, payable in a lump sum at the closing. Another bid option allows for paying $5 million in installments through 2019. If the later option is selected, the title would be held in escrow and not be transferred until full payment is made.
The school board could also later decide to hire a real estate broker if no bids are received.
Proceeds from a sale would help fund the estimated $8 million to $11 million cost of the proposed new administration building at 999 Leicester Road in Elk Grove Village. Reserve funds would be used to pay the balance of costs. Construction could start by October and is expected to be complete by July 2017.