District 200 Passes Resolution to Sell Hubble

District 200 passed a resolution to sell the old Hubble school property through a sealed bid process Wednesday. Based on a recent appraisal, the district will set the property at a minimum price of $10 million. 

According to a press release, the bid package for the property contains terms that include: 

• the sale of the old Hubble property will be through a sealed bid process; minimum sale price of $10,000,000; earnest money payment of $400,000; property will be available for examination and for prospective buyers to make an inspection and to conduct any due diligence for approximately 60 days prior to bid opening; the anticipated bid opening date is Thursday, April 14, 2011; buyer will have a 180 day period to secure any change in zoning or a special use permit; zoning contingency period can be extended by up to an additional 120 days provided the buyer forfeits one-half of the earnest money ($200,000) to District 200; the consideration for the extension of the zoning contingency period is to roughly capture District 200’s carrying costs (i.e., utilities, security, etc.);
• Buyer must make a good faith effort to work with the Wheaton Park District to incorporate public space uses and preserve or enhance existing athletic fields to the extent practical; buyer agrees that it will not solicit or accept any tax increment financing (TIF) in connection with the redevelopment of the site - Buyer and District 200 will record a restrictive covenant to this effect.Further details on the terms and conditions, frequently asked questions, and a chronology regarding the history of the old Hubble / Central property are attached or can be found at www.cusd200.org.

All of the developers who have approached District 200 have presented plans that left the property’s green space intact. District 200 has placed contingencies into bid documents with an expectation that the interested parties work closely with the Wheaton Park District and City of Wheaton to help ensure the continued use of the green space. Again, the Wheaton Park District has the same opportunity as other interested developers to acquire the property by participation in the bid process.

District 200 has been approached by multiple development companies who are interested in purchasing the property for re-development, ultimately placing the land on the tax rolls benefitting the entire District 200 community. District 200 has also been approached by the Wheaton Park District to consider selling all or part of the property to the Wheaton Park District for recreational use.

By selling the property for commercial re-development, it fulfills the Board of Education’s promise it made to the community during the Hubble referendum campaign that they would sell the property. Any portion of the property that is commercially developed goes on the tax rolls for the long-term benefit of all taxing bodies. Any sales tax revenues benefit the City of Wheaton and tax payers in the City of Wheaton. By selling the property we no longer have a negative asset on our books and the associated drain on time and expense to District 200 and our district taxpayers. Time spent managing a defunct facility is time and resources taken away from educating children, and that is the role of the Board of Education.

Allowing the Park District the right of first refusal to purchase the property at the same price as the highest bid or even $1 over the highest bid would discourage any developer from submitting a bid, much less one at fair market value, knowing that the Park District could be awarded the property for the developer's bid price.

Since passing the resolution in 2007, it was always the intent of the District 200 Board of Education to sell the property for re-development. Re-development of the property for commercial use eases the taxpayer burden for the entire District 200 community who has supported the school district throughout the years.