Village board to pursue sealed-bid sale of vacant downtown building, will set parameters in closed session

The Willow Springs Village Board discussed options for selling a vacant, multi-floor municipal building referred to in meeting materials as the Gilmart property at 123 Market Street and agreed to return in closed session to set bid terms and a recommended minimum.

The village attorney briefed the board on two statutory sale methods: accepting sealed bids after a three-week newspaper notice or obtaining an appraisal and then selling by auction or through a real-estate listing. The attorney noted the appraisal route carries an 80% threshold — “you have to have at least 80% of the appraised value,” the attorney said — and emphasized that in either method the board retains discretion to reject offers that do not meet its criteria.

Administrator Chris described unresolved issues tied to the building and the associated homeowners association (HOA), including unpaid HOA fees and the need to clarify use of a shared parking lot. He said the village now owns all three floors of the building and staff will supply detailed interior photos and rough repair estimates before the closed session so trustees can evaluate whether to sell the building as-is or invest in repairs to increase marketability.

Trustees asked practical questions about parking and whether repairs should be performed before listing the property. Staff replied that Market Street and a shared HOA lot provide parking spaces but precise counts were not specified in the discussion.

The board directed staff and the village attorney to draft parameters for a sealed-bid process and recommended minimums, and said the matter will be discussed in a closed session before returning to the public board with recommendations and any proposed sale documents.