Addison to purchase Driscoll site for $2.9 million

The village of Addison will soon close the deal to buy the former Driscoll Catholic High School site for $2.9 million, ending an 18-month emotional storm about the future of the school property.

"I've received very positive feedback and have been stopped a number of times in the community or received e-mails saying we did the right thing," said Village President Larry Hartwig. "People saying that it was the thing to do for the future of the village and that area."

Addison will lease the 19-acre property for $1 a year to DuPage High School District 88, so Addison Trail High School students can use the football and baseball fields for athletic practices and parking. Hartwig said a soccer field may also be added.

District 88 will maintain the property and allow other groups, such as the Addison Park District and Addison Rec Club, to use the land as needed.

The former school building will be demolished. The village this month borrowed $3.5 million, with $2.9 million earmarked for the purchase and other $600,000 paying for the demolition.

The loan will result in a property tax increase of about $16 per year for a home valued at $300,000, officials said. Addison is a home rule community and did not need to seek resident permission during elections to issue the tax-backed bonds, which carry an interest rate of 4.5 percent.

Hartwig added that Addison chose taxable bonds, which allow the village to potentially sell the property at a profit in the future. This would eliminate the property tax that pays for the bonds.

"We wanted to maintain maximum flexibility," he said. "If the market turns around five years from now and there's a sudden need for housing, we're very confident that we would make a pretty decent profit. But to do that we needed taxable bonds, since tax-free bonds require only municipal use of the land."

Hartwig added that any future commercial development would compliment the current residential neighborhood, which is primarily single family homes, a church and elementary schools.

"If we ever sell it for development, which is a real possibility, we're going to keep it in line with that neighborhood," he said. "We're not going to put a bunch of apartments in there."

Driscoll closed in May 2009 after 43 years, when the Christian Brothers, who ran the school, said declining enrollment and financial woes made Driscoll unsustainable.

Students, alumni and families quickly rallied to raise money and create a proposal to save Driscoll, but the offer was rejected.

The property remained untouched since, except for maintenance by the Diocese, as the Driscoll community wondered what would become of their beloved school.

This spring, Driscoll supporters unveiled the Driscoll Legacy Hall inside Addison Village Hall. The exhibit contains hundreds of artifacts from the school's 43-year history and was funded by alumni and friends.

Officials with the Joliet Diocese could not be reached immediately for comment early Thursday.

For more details, check back at dailyherald.com or see Friday's Daily Herald.