Wheeling Park District to buy some Smith land

The Smith Family Construction group did get some good news this week when the Wheeling Park District board agreed to buy some of their land.

While the Wheeling village board voted not to give the family $3 million for their Prairie Park development, the park board announced it would pay $1.5 million for about 30 acres of land on the south side of Lake-Cook Road between Northgate Parkway and Milwaukee Avenue.

The area includes a 13-acre lake, 17 acres of natural landscaping and three acres of buildable space.

Smith Family Construction Inc. was founded in 1985 by Mark and Vivian Smith, according to the company's Web site.

Vivian Smith was elected to the park board in April, but resigned Aug. 1. According to Wheeling Park District Executive Director Jan Buchs, Vivian Smith never participated in any closed-door sessions where the purchase of her land was discussed.

"This was a great opportunity for the park board, and it's important for us to secure this property," Buchs said. "The value of that land has been talked about off and on for 30 years because it's one of the last large tracks of undeveloped property in Wheeling. I can't speak to (the Smith family's) situation."

The final concept for the 30 acres is still unclear, but it will probably include bike paths, nature trails and wildlife habitats, Buchs said.

The site hasn't been appraised by the Wheeling Park District yet, Buchs said. If the appraisal says the land isn't worth the $1.5 million purchase price, the deal will not go through, she said.

"We hope to close this deal by the end of the year," she said. "The park board is anxious to keep things moving."

According to Buchs, Mark Smith approached her about the land in June - the same month he told the village board he needed the additional $3 million to pay off bank loans taken out to build Prairie Park, a high-end project on North Wolf Road.

On Monday, the Wheeling village board voted 5-2 not to give Smith the $3 million. If Smith had gotten his money, it would have raised the village's financial contributions to the project to $7.5 million.

Trustees Ken Brady and Dean Argiris wanted to give Smith the $3 million, while Village President Judy Abruscato and trustees Ray Lang, Robert Heer, Pat Horcher and Dave Vogel voted against the idea.

Just because the Smith family sold some land to the park district, doesn't mean their Prairie Park development is in any less debt, said Mark Angelini of S.B. Friedman & Co. in Chicago.

"It's a good gesture and will free up some capital," he said. "But you can't funnel those dollars directly back into Prairie Park."

Mark Smith was unable to be reached on Tuesday. The Smiths have resided in Wheeling for more than 35 years and have five children.