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Board directs village administrator to accept LOI for Village Hall sale; vote 6-0
Summary
The village board voted 6-0 to authorize the village administrator to accept a nonbinding letter of intent from 814 Acquisitions to buy the Village Hall site at 7660 County Line Road (Veterans Memorial parcel excluded); staff said the LOI starts a process that includes zoning review and a 120‑day due‑diligence period if a purchase agreement is executed.
The Burr Ridge village board voted 6-0 on Oct. 13 to direct the village administrator to accept a nonbinding letter of intent from 814 Acquisitions to purchase the two parcels containing Village Hall at 7660 County Line Road, excluding the Veterans Memorial parcel.
Evan, the village administrator, told the board the letter of intent (LOI) proposes a purchase price presented in the discussion as $2,300,000, which after a broker fee of 5% yields estimated net proceeds of $2,185,000 to the village; additional permit and subdivision fees could push net revenue above $2,250,000. Evan said the buyer has indicated the intended use is an early‑childhood daycare, which is a listed special use in the T1 transitional zoning district that…
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