Monday, September 10, 2012
District 200 closes on sale. Asbestos removal starts tomorrow and construction on the gyms will begin next week.
District 200 today closed on the sale of the old Hubble school property in Wheaton. The district accepted the offer of $5,000,200 from developer Bradford Equities, LLC last summer. Bradford plans to build a Mariano's Fresh Market on the site at the corner of Naperville and Roosevelt roads, and will begin asbestos removal at the site tomorrow, developers said. District 200 Superintendent Dr. Harris said in a statement, “We are very happy to be finally closing the sale of this property. We are looking forward to the redevelopment opportunity.” Board President Rosemary Swanson called the closing, “an important milestone for our district and its communities.” The property was scheduled to close Friday, Sept. 7, but was delayed due to a …
Thursday, August 16, 2012
District 200 creates escrow fund for $5,305,000 in proceeds from the sale of the former Hubble school property, which will be used to refinance district bonds.
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 sale of the old Hubble 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 …
Monday, July 23, 2012
Bradford Real Estate developers hope to close on the old Hubble school property by the end of the month to begin work on the new Mariano's Fresh Market.
Developers planning to build a Mariano's Fresh Market in Wheaton hope to close on the old Hubble school property and begin demolition work by the end of the month. Chad Jones, CFO of Bradford Real Estate, said Bradford is still waiting on its demolition and site permit from the city. Keep up with local news by following Wheaton Patch on Facebook, and signing up for our free daily newsletter. Bradford bought the Hubble property, at the corner of Naperville and Roosevelt roads, from Community Unit School District 200 last summer for $5,000,200. The Wheaton Park District partnered with the developer, and will buy a portion of the property to maintain its gym and outdoor recreation space. "The city staff engineers have been working hard to …
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S Naperville Rd & E Roosevelt Rd, Wheaton, IL
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Mark Stern
5:12 pm on Wednesday, September 12, 2012
This will not "ease the taxpayer burden" at all. First, most of the property won't be added to the tax rolls - it is going to be acquired by the Park District, which is exempt. Second, remember that the site for the new Hubble cost about $7.75 million, which is of course now OFF the tax rolls, so based on the sale price of $5 million, we have $2.75 million LESS in taxable property than before … more ›