Tentative deal on Big Hollow parcel
If all goes according to plan, a high-profile parcel in Fox Lake will go from vacant schools to retail shopping in two years.
Big Hollow Elementary District 38 officials announced Friday that Oxford Development Group LLC has agreed to buy the 11-acre school site at routes 12 and 134.
The $5 million sale, which includes the former Big Hollow Primary and Taveirne Middle School buildings, could take up to one year to complete, board officials said.
Oxford wants to put in a small shopping plaza at the highly visible corner.
Fox Lake community development director Jim Rogers said early discussions have focused on locations for men's shoes or clothing sales, a restaurant and auto repair.
"I've seen some preliminary ideas and it looks good," Rogers said. "We really are pushing for a place that sells clothing or shoes. It'll be nice to not have to drive to a neighboring town to buy a pair of shoes or a pair of pants."
Rogers said traffic studies show 100,000 cars pass that corner every day.
He said he doesn't know how much additional sales tax revenue the development could generate.
After the District 38 land sale is completed, it would take Oxford about a year to develop the site, Rogers said.
The deal in place right now is tentative, District 38 officials said, and the developer will be allowed to back out until the final check is cut. However, the district did require a deposit, and should the developer back out, it would keep that money.
District 38 board Vice President Jan Carsella said the cash-starved district will not receive the $5 million until the sale is complete.
The land sale comes at an important time for the district. It has been dealing with a growth spurt for the past decade that has seen enrollment rise from 400 to 1,500.
That growth has forced the board to borrow against anticipated tax money to pay bills. District 38 took out loans for $1.4 million in 2005, $1.8 million in 2006 and $2.4 million in 2007, and expects to borrow more than $3 million in the coming year.
To cover rising education expenses, District 38 is asking voters Feb. 5 for permission to boost property taxes to fund a $10 million working cash bond.
If the request is approved, homeowners would see their annual taxes paid to the district increase by 54-cents per $100 equalized assessed valuation. That's a tax increase of about $380 annually on a $280,000 home.
Voters have shot down four education fund requests since the spring of 2002, including two since November 2006.