Naperville City Council voted Tuesday night to sell 5 acres of land the city doesn't need so it can become the future home of the Perma-Seal Basement Systems national headquarters.
The council sold the vacant site at 1720 Quincy Ave. to the company for $770,000, which is about 81 percent of the $945,000 valuation the land was given in an appraisal in February.
Perma-Seal plans to move its headquarters to Naperville from Downers Grove, where it currently hosts 190 of its 250 employees.
"Perma-Seal is a brand name throughout Chicagoland and beyond the region," Naperville Mayor Steve Chirico said. "To have it affiliated with our brand in Naperville I think is a win-win situation."
The company plans to grow its operations, adding roughly 40 new employees during the next few years, said Roy Spencer, Perma-Seal owner and president.
"We plan on continuing our rapid expansion which has caused the need for this growth," said Spencer, who has been a Naperville resident for two years.
Perma-Seal plans to construct a 60,000-square-foot building including a training center that can be used for public gatherings, Spencer said. The facility will join satellite offices the company operates in Elk Grove Village and Hammond, Indiana.
"We've been looking for a place in the western suburban area for two years. I could not be happier to have found one in Naperville," he said. "This is the place we want to be."
The land is in an industrial area near where the Naperville Park District is building the Fort Hill Activity Center, which will offer 80,000 square feet of indoor recreation, fitness and multipurpose space.
The Quincy Avenue property is one of four the city declared as surplus earlier this year in an attempt to capture new revenue after a season of budget cuts.
One of the remaining three was determined to have utility constraints that prevented it from being listed for sale. The other two -- a quarter-acre vacant residential lot 3740 Celeste Lane and a 0.23-acre former well site at the southwest corner of River Road and Crabapple Court -- did not draw any bids.
The council can choose to list them again, but under state statute, they must be sold for no less than 80 percent of their appraised value.