The Community Unit School District 200 Board of Education approved a resolution Wednesday night to create an escrow account for $5,305,000 in proceeds from the school property in Wheaton.
The funds will be used to refinance the last portion of about $15 million in district bonds, Bill Farley, Assistant Superintendent of Business Operations told board members.
The district has completed refinancing $10 million, Farley said. "The last five (million) is tied to the eventual... hopefully quickly sale of the Hubble property."
Farley said he thinks the district will end up in better shape than expected in the deal.
"I think we did better than we said we would," Farley said. "We're excited. Once we're all finished we can share that news with the board and the community"
He said after the deal is finalized, the district's financial advisors from PMA Consultants will present on the sale process to the board.
Superintendent Dr. Brian Harris said the "final piece" to refinancing the bonds is the Hubble sale.
After a couple delays in closing, he said, "We hope to have that done soon... It's out of our hands a little bit."
District 200 , at the corner of Naperville and Roosevelt roads, to Bradford Real Estate last summer. The developer plans to build a on the site. The Wheaton Park District partnered with the developer, and will buy a portion of the property to maintain its gym and outdoor recreation space.
Bradford CFO Chad Jones wrote in an email last week the close should happen in the next , "hopefully sooner," as developers wait for permits from the county.
Interior demolition work on the school portion of the property would begin immediately after the deal closes.