Board authorizes publication of bids for 245 W. Exchange, sets $199,000 minimum

The Sycamore School District Board of Education authorized administration to publish bids for the district‑owned property at 245 West Exchange Street and set a minimum bid of $199,000.

Board members discussed the process for receiving and handling bids: the district will accept sealed bids, read bids aloud after the close, and then convene at a regular September meeting to consider acceptance or rejection. The board reserved the right to reject any or all bids and to engage a private broker if it chose not to accept offers. Administration noted a comparative market analysis (CMA) in the record that estimated the building’s value between $1.99 million and $2.49 million and said the $199,000 minimum bid reflected the CMA’s lower bound.

During discussion board members asked whether existing assets (an antenna previously discussed) would remain, potential moving costs and whether costs associated with preparing the site would reduce the net proceeds. District staff reminded the board that until the board accepts a bid it could reject the offers and negotiate further or retain the property.

The vote to authorize publication and proceed with bidding carried on roll call. Board members were advised that once bids are received and a closing date passes, the board will deliberate whether to accept bids and may use a broker to guarantee a minimum price if needed.

Board members said the property is currently unused and carries ongoing costs, so publishing bids was a next procedural step to move the sale forward. The board did not accept any bid at the meeting; publication simply starts the public bidding process required for sale of district real property.