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Dist. 59 building, Wellington property sale price is $4.8 million

Elk Grove Township Elementary District 59 officials hope a sale of two properties in Arlington Heights will fetch at least $4.8 million.

The district is planning to sell its current administration building at 2123 S. Arlington Heights Road and the neighboring vacant property that once contained Wellington banquets. Proceeds from a sale would be used to help fund construction of a new administration building on the former Lively Junior High School site in Elk Grove Village.

District officials believe interest exists in their properties, located in a commercial corridor at the southern gateway to Arlington Heights.

"Some who were interested have fallen off, and others are abuzz," said Tony Rossi, the district's executive director of facilities and operations. "And with all the publicity of us moving in the newspaper, more and more may be interested."

The school board is expected to take a vote April 25 to sell the properties through a sealed bid process, in which five of seven votes would be required, per Illinois school code.

A draft resolution released by the district this week proposes 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.

If no bids are received, the school board can hire a real estate broker to sell the properties, according to the resolution.

District officials previously said the properties could fetch at least $4 million, since that's what they were appraised for.

The proposed administration building at 999 Leicester Road in Elk Grove Village is estimated to cost anywhere from $8 million to $11 million - depending on whether the board goes along with administrators' wishes to include a commissary to prepare student lunches. The district would use reserve funds to pay the balance of costs.

Architects are now putting together drawings for the proposed two-story, 30,000-square-foot building, which would include a professional development center and warehouse. Construction could be underway by October and be complete by July 2017.

Dist. 59 still will build on Lively property

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