Post by soon2bwvhs on Oct 29, 2007 6:23:46 GMT -6
What lies ahead for Dist. 204?
Board to hash out whether to walk away from Brach-Brodie
October 29, 2007
By BRITT CARSON Staff writer
As it stands today, the Brach-Brodie parcel has three owners.
The Brach-Brodie trust owns 55 acres; Indian Prairie School District 204 owns 25 acres and the Pennsylvania Real Estate Trust (PREIT) owns the 71 acres that face Route 59.
PREIT, who purchased the property for $566,000 an acre, plans to build a lifestyle shopping center on the property.
WHAT'S NEXT?
The Indian Prairie School District 204 board is expected to hold a special meeting this week to discuss in executive session its options for what to do with its 25 acres of the Brach-Brodie parcel. Board President Mark Metzger said no final action is expected this week.
District 204 had planned to combine its 25 acres with the adjacent 55 and build a third high school. After the jury in a condemnation trial determined the 55 acres would cost $28.5 million, the district reconsidered.
School board President Mark Metzger said Thursday the numbers simply won't work.
"We can't afford to purchase the 55 acres at that price and deliver the kind of school the community expects," Metzger said.
Metzger has stated previously the board could use a combination of land cash donations, interest from the sale of the bonds and end up with an extra $17 million to $20 million for the project. On Thursday, he said the pool and football stadium would have to go for the project to come in on budget, even with the extra funds.
So what happens to those 25 acres?
If the district abandons plans to build on Brach-Brodie, it can simply walk away from the offer, although it will likely be responsible for Brach-Brodie attorney's fees, which could add up to $4 million or $5 million, Metzger said.
However, the contract for the sale of the 25 acres in 2005 may help the district balance things out. The contract says if the district does not build a school on the site, it has to offer the land back to the Brach-Brodie trust at the retail price of $256,000 an acre, the same amount the district paid for the land.
If the trust is interested in purchasing the land, that would give the district $6.4 million to help offset any attorney fees a judge might hold it responsible for if it abandons the condemnation lawsuit.
Contact Britt Carson at bcarson@scn1.com or 630-416-5269.
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Board to hash out whether to walk away from Brach-Brodie
October 29, 2007
By BRITT CARSON Staff writer
As it stands today, the Brach-Brodie parcel has three owners.
The Brach-Brodie trust owns 55 acres; Indian Prairie School District 204 owns 25 acres and the Pennsylvania Real Estate Trust (PREIT) owns the 71 acres that face Route 59.
PREIT, who purchased the property for $566,000 an acre, plans to build a lifestyle shopping center on the property.
WHAT'S NEXT?
The Indian Prairie School District 204 board is expected to hold a special meeting this week to discuss in executive session its options for what to do with its 25 acres of the Brach-Brodie parcel. Board President Mark Metzger said no final action is expected this week.
District 204 had planned to combine its 25 acres with the adjacent 55 and build a third high school. After the jury in a condemnation trial determined the 55 acres would cost $28.5 million, the district reconsidered.
School board President Mark Metzger said Thursday the numbers simply won't work.
"We can't afford to purchase the 55 acres at that price and deliver the kind of school the community expects," Metzger said.
Metzger has stated previously the board could use a combination of land cash donations, interest from the sale of the bonds and end up with an extra $17 million to $20 million for the project. On Thursday, he said the pool and football stadium would have to go for the project to come in on budget, even with the extra funds.
So what happens to those 25 acres?
If the district abandons plans to build on Brach-Brodie, it can simply walk away from the offer, although it will likely be responsible for Brach-Brodie attorney's fees, which could add up to $4 million or $5 million, Metzger said.
However, the contract for the sale of the 25 acres in 2005 may help the district balance things out. The contract says if the district does not build a school on the site, it has to offer the land back to the Brach-Brodie trust at the retail price of $256,000 an acre, the same amount the district paid for the land.
If the trust is interested in purchasing the land, that would give the district $6.4 million to help offset any attorney fees a judge might hold it responsible for if it abandons the condemnation lawsuit.
Contact Britt Carson at bcarson@scn1.com or 630-416-5269.
Ads by Google
44 Acre Farm For Sale
Upscale 5 Bedroom Home on 44 acresof timber in North West Illinois
www.RecreationFoxHuntProperty.com
Land For Sale
Investment and recreationalland for sale, Great prices!
www.craigsland.com
Land For Sale
View By Price, Area or Features.Local FSBO & Agent Listings.
www.LiveDeal.com
Acreage For Sale
Affordable Acreage Across The US.Bid Online & Own Today. Start Now!
www.LandAuction.com
Land
Browse a huge selection now.Find exactly what you want today.
www.eBay.com
napersun.com: Feedback | Contact Us | About Us | Advertise With Us | Media Kit | Make us your Home Page
Naperville Sun: Subscribe | Online Photo Store
Affiliates: RogerEbert.com | SearchChicago - Autos | SearchChicago - Homes | SearchChicago - Jobs | NeighborhoodCircle.com | Centerstage Partner: CBS2chicago.com
Express Links: TV Listings | Blogs | Centerstage | Yellow Pages | Obituaries | RogerEbert.com Movies & more | Restaurant Reviews | Eating In
© Copyright 2007 Digital Chicago, Inc. | Terms of Use • Privacy Policy • Submission Guidlines