Schaumburg planning to sell land to Friendship Village for parking
Schaumburg village officials Tuesday plan to sell 3.5 acres of a 9-acre well house property immediately west of Friendship Village to the retirement community, which will use the land for additional parking.
The well house sits directly north of Schaumburg's post office on Schaumburg Road. The land to be sold makes up the northern end of that property, and is likely as much of the site as the village would be willing to part with, Schaumburg Community Development Director Julie Fitzgerald said.
The land acquisition intended to remedy a deficiency in parking spaces at Friendship Village, which is the only practical buyer of it, she added.
The retirement community currently deals with its lack of adequate parking by leasing spaces for its employees in Town Square at the southwest corner of Schaumburg and Roselle roads and shuttling them back and forth.
The sale price of the 3.5 acres is $916,000, a figure reached after three appraisals by different firms.
Friendship Village hired a firm to do an initial appraisal and ended up with an estimated value of $340,000. It made an offer for that amount.
The village's assistant attorney advised that Schaumburg could sell the land for not less than 80 percent of an appraisal commissioned by the village. That appraisal determined the value at $1.145 million.
Because the two appraisals were so far apart, a third was commissioned, which largely agreed with the higher amount. The sale price was subsequently set at 80 percent of that amount.
The Schaumburg village board is scheduled to approve the contract of sale at its 7 p.m. meeting Tuesday. From that point, Friendship Village will have a 45-day inspection period during which it can still back out.
Under the contract, Friendship Village is required to complete all permits and approvals needed for the parking lot by Oct. 1.
Friendship Village officials declined to comment on the expected time frame for construction of the parking lot pending the outcome of Tuesday night's vote.