The Examiner U-46 News Feed

U-46 Board of Education supports sale of property

By Seth Hancock
  The Board of Education in School District U-46 was presented with a resolution to allow the sale of a vacant property, formerly Woodland Height Elementary School, at its meeting on Monday, April 8.
  The resolution will be voted on at the April 22 meeting.
  The property is located at 900 S. Park Blvd., in Streamwood. The building was built in 1958 and used as a school by U-46 through the 2011-2012 school year and was leased for a short period by Parkland Preparatory Academy but “has not been in regular use for several years at this point,” said Brian Lindholm, chief of staff.
  “Tonight’s resolution represents an example of the work that we’ve started to ensure productive use of our retired facilities to benefit the surrounding communities,” Lindholm said. “We were recently approached by a private investor who’s interested in the property to start a therapeutic day school in the area.”
  The district is required to list the property for public sale with a minimum price, being $1.2 million for this property, under the school code, Lindholm said.
  If approved, the district would publish notices on April 24, May 1 and May 8 with bids due by May 13. It would be structured as a contract for deed sale with an 18-month payment schedule.
  “The closing would take place at an agreed upon date after the parties have signed the contract for deed,” Lindholm said. “The deed itself would be signed at the closing but would be held in escrow at the title company until the final payment is made. At the end of the 18-month term, if the buyer misses a payment or does not make the final payment, the district would keep all payments, the earnest money and the property.”
  The district has been purchasing property, including one proposal presented that evening, to build new schools.
  Asked why not use this property, Lindholm said it would require “significant investment before we could be allowed to even potentially consider using it at a school again” under current code requirements.