Burr Ridge Finds Buyer For Village Hall

BURR RIDGE, IL – A daycare company wants to buy Burr Ridge Village Hall for $2.3 million, officials said Monday.

After a closed meeting, the Village Board voted unanimously to accept a nonbinding letter of intent from Michigan-based EIG14T Acquisitions. The company is working on behalf of a daycare firm, which officials identified as N Family Club.

With brokerage fees, the sale is expected to bring the village $2.2 million, with brokerage fees subtracted, officials said. That is over the $1.8 million appraised price.

The building went on the market last month.

The letter of intent triggers a four-month process in which the developer will seek village zoning approvals. A month's closing period would follow.

The daycare plans to tear down the four-decade-old building, which officials say is in bad shape, according to the village.

"They're not going to worry about a roof leak," Mayor Gary Grasso said. "That gives us even more security in this offer, which is rather real at least so far."

Burr Ridge plans to build an addition for Village Hall offices at the next-door police station. That project is estimated to cost $5.8 million.

Under the village's timeline, it would start construction on the addition next spring, with the work taking a year.

Officials acknowledged the village will likely be without a permanent building for its offices for months, so they will find temporary digs.

Trustee Anita Mital said the letter of intent's requirement for $25,000 of earnest money seems low.

"If the deal falls through after five months, we're back to the drawing board, and we've lost time," she said.

But others noted the letter was nonbinding and that the village could continue promoting the site.

"If we were to get a $2.75 million offer, we could engage with no fault on our side," Village Administrator Evan Walter said.

Walter presented a rendering of the proposed day care building. He said it was not considered final in any way.

Trustee Guy Franzese said he was worried the building had a warehouse look. In that neighborhood, he said, zoning requires commercial buildings to maintain a residential character.

"It would have to conform to zoning," he said.

Grasso agreed.

"I would hope they would make it look as residential as possible," he said.

Earlier this year, the village was in talks with Pleasantdale School District 107 to sell Village Hall for a proposed preschool. In March, though, the district took the idea off the table.

At the time, the village was considering building Village Hall at the Village Center shopping complex.

The village hopes to build a new Village Hall without going into debt. Burr Ridge is one of only a few suburbs with no debt.

Patch left a message for comment Monday with EIG14T Acquisitions.