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West Frankfort council approves sale of Business Incubator to local tenant
Summary
The West Frankfort City Council approved a contract to sell the city’s Business Incubator to a current tenant, authorizing a 90‑day due‑diligence period and requiring tenant lease‑assignment letters before closing.
The West Frankfort City Council voted unanimously June 9 to approve a contract to sell the city-owned Business Incubator to a current tenant. City attorney John told the council the buyer is one of the facility’s tenants and that the agreement includes a 90‑day due‑diligence period to allow inspections and require letters from other tenants consenting to lease assignments.
John said the sale process followed an option in the Illinois Municipal Code that allows sale if an offer equals at least 80% of an appraisal; he told the council the offer as read into the record was given as “1,50,000” and noted that the offer exceeded the appraised value. The city will provide tenants documentation during the due‑diligence period and expects the transaction to close after the 90‑day inspection window, subject to those tenant consents.
Council members emphasized the sale keeps the incubator’s jobs in town. After the vote a council member commented that they were glad the property went to local buyers and thanked “Mr. Wallace” and “Mrs. Wallace” (as referenced in the record) for their contributions to the community. The meeting record does not specify the buyer’s full name beyond being a tenant nor the precise dollar amount in standard numeric form; those details are to be finalized during the due‑diligence period.
The council moved the item, seconded it and approved the contract by unanimous roll call. Next steps include completing tenant confirmations and returning to the council if issues arise during inspections.
