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Burr Ridge board directs administrator to accept LOI to sell Village Hall site for proposed daycare
Summary
The board voted 6‑0 to direct the village administrator to accept a nonbinding letter of intent from 814 Acquisitions for $2.3 million to buy two parcels of Village Hall (1.87 acres) for a daycare; the Veterans Memorial parcel would remain with the village and the LOI allows 120 days for due diligence and zoning entitlement.
The Burr Ridge mayor and board on Sept. 22 voted to direct the village administrator to accept a nonbinding letter of intent (LOI) from 814 Acquisitions proposing to buy the two northern parcels containing Village Hall for $2,300,000 to develop an early childhood daycare.
Evan, the village administrator, told the board the LOI (dated Sept. 10) would exclude the Veterans Memorial parcel and cover roughly 1.87 acres where the Village Hall building sits. The village would net an estimated $2,185,000 after a customary 5% brokerage fee; Evan said additional permit, utility and subdivision fees could raise net receipts above $2,250,000 versus a prior $2.0 million projection.
The LOI calls for a 120‑day due‑diligence and zoning‑entitlement period, followed by 30 days to close if zoning and purchase agreement terms are finalized — meaning the earliest closing would be roughly five months after a signed purchase agreement. Evan and trustees emphasized the LOI is nonbinding and that zoning approval (a special‑use entitlement for daycare in the T‑1 Transitional District) would be required; staff said the plan commission and board could deny zoning and the sale would not proceed in that case.
Trustees raised contract protections and timing: Anita noted the LOI’s earnest money of $25,000 equals about 1.08% of the listed price and suggested exploring a larger earnest deposit; other trustees asked whether the LOI is exclusive (staff said it is not) and whether the village could negotiate occupancy or financing contingencies to ensure the village is not displaced before a replacement facility is available. Evan said design work is underway with Leggett Architects and estimated that, if construction follows the design schedule, a replacement building likely would not be ready until 2027.
Board members were repeatedly encouraged to refer constituent questions to staff and to use the village’s new Village Hall redevelopment web page to track project documents and timeline. After discussion a motion directing the village administrator to accept the LOI passed on a roll call of 6‑0.
Next steps described by staff include posting LOI materials on the village website, negotiating purchase‑agreement terms with buyer counsel if the LOI is accepted, and coordinating a timeline tying the sale to the construction and occupancy schedule for the replacement village hall.
