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Committee advances sale of 7755 Perryville Road, staff recommends Next Generation proposal
Summary
The Machesney Park Administration Finance Committee advanced a resolution to select a buyer for 7755 Perryville Road after hearing competing proposals: Next Generation Development proposed three 21-unit apartment buildings (offer $250,000); Essex/Essex Development offered $255,000 for duplexes and small multiunit buildings. The matter moves to the full board for final selection.
The Machesney Park Administration Finance Committee on Jan. 20 advanced a resolution to select a buyer for 7755 Perryville Road and directed staff to draft a sale contract for board consideration.
Staff member Mr. James told the committee the 4.26-acre parcel is shovel-ready with utilities and off-site stormwater facilities and has been marketed for more than five years. "The village received three proposals from two developers for the subject property," James said, describing the two competing offers and recommending Next Generation Development.
Next Generation Development proposed constructing "three 21-unit apartment buildings" with contemporary architecture, balconies and a mix of garage and surface parking; staff recorded their offer at $250,000. New Leaf Homes/Essex Development proposed duplex and four-unit residential buildings for up to 28 units and submitted an updated offer of $255,000.
James said statutory disposal steps were followed, including published notice, and that Illinois statute permits the village to select any proposal deemed in the village's best interest provided the sale is for no less than 80% of the appraised value. The appraised value of the property is $275,000, the staff report said.
Staff recommended Next Generation because its proposal "provides a higher unit count that can help meet the demand for housing," offers a variety of unit configurations and includes "high quality interior finishes." The staff report also noted the village has previously sold properties and entered into a ground lease with a community solar developer to reimburse public improvements.
Committee members asked about required public hearings and zoning. James said developments over eight units will require a planned unit development and will go through the zoning process with a public hearing. He also said portions of the land lie in different school districts and believed the subject parcel is in the Harlem School District.
The committee took a recorded roll-call vote on the resolution to recommend selection to the board. The committee chair reported the item "will go to tonight's board meeting with positive recommendation."
