More Big Hollow news...

From the 7/17/07 Daily Herald. I don't think they should settle for anything under 5 million dollars for that site. As the article states, that's a hot corner, and I would think there would be a number of reasonable bidders looking to add retail. Unfortunately, that tax revenue would go to Fox Lake and not Volo, but it's a team effort!

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Former school site will be sold

By Lee Filas
lfilas@dailyherald.com
Posted Tuesday, July 17, 2007



Big Hollow school officials agreed to sell the 12-acre former school site the district owns at the corner of Routes 12 and 134.

Officials asked district attorneys to draw up the paperwork needed to put the property up for auction.

They said they would approve the proper documentation needed to auction the facility during the next board meeting in August.

“What do we have to lose if we go out for bids on the property,” said board president Vickie Gallichio. “If we don’t get any bids at the minimum bid, then we go back out or hire a broker to sell it for us.”

Under state law, school buildings owned by taxpayers must be put up for auction and sold to the highest bidder.

The property up for sale is in a main Fox Lake commercial corridor, considered the most highly visible corner in the village.

The district has 60 days to put the school up for auction from the time they approve the paperwork to the day the auction takes place.

The district is allowed to establish a minimum price that the auction can start out at. Should they not get the minimum price, the district is the allowed to hire a broker to help sell the property.

The district established a minimum bid of $5 million for the property. The price is about $500,000 under the appraised value of the property obtained earlier this year.

Board officials discussed whether to establish a high minimum bid to get as much as possible, or to establish a low minimum bid to try and obtain more bidders.

The board decided by establishing a high opening bid, the board can get as much as property for the school site, and it would also root out potential buyers who do not have the money available to purchase the site.

The board is also allowed to reject all bids that come in from developers and go back out for auction or to sell it to the right company outright.

District officials could have waited and reviewed the issue more, but are currently facing a $3 million deficit in the 2007-08 budget.

The board approved just under $1 million in cuts during previous board meetings. The cuts include eliminating art and music programs and making all extra-curricular activities pay-to-play.”

The district is also reviewing other revenue generators to try and bring in more funds. The district is reviewing raising school fees to $300, while also charging more to rent the facilities to different groups.

The district has borrowed more that $5 million over the past three years to make ends meet.

The district also plans to seek a referendum on the February, 2008 ballot. The amount of that referendum hasn’t been decided yet.

However, officials said putting the school up for sale is a good way to ensure more money is put in the bank to offset the revenue being lost.