Waukegan board approves sale of 742 Greenwood Avenue, flags questions about net proceeds and buyer confidentiality

The Waukegan CUSD 60 Board of Education voted unanimously July 14 to approve a resolution to sell district property at 742 Greenwood Avenue, the building formerly used as the Welcome Center.

The sale was presented by district administration as a resolution to be approved as written; the motion to approve was made by Mister Riddle and seconded by Mister Ollyan, and a roll-call vote carried the motion. Administration said the buyer's purchase price was cited in meeting discussion as $6,625,000 and that the anticipated close date is roughly two months from the meeting date, around Sept. 15, 2026.

Board members asked a string of questions before the vote about key contract provisions. A board member asked whether the district would lease the building after sale; administration replied, "No, Miss Hannah, we will not be leasing this building." The board sought clarity on paragraph 18 of the letter of intent (conduct of business while the transaction is pending); district staff said that between the signing of the letter of intent and closing the district would maintain the property at its usual minimal maintenance level so it does not become a vacant or deteriorating building.

Administration identified three district-incurred costs connected with the sale: advertising for the bidding process, a $3,000 ALTA survey conducted in October 2025, and a commission the administration characterized as 6% (administration noted the commission figure but said final numbers would be confirmed). The contract language also states the seller (the district) will pay 2% of the total purchase price at closing to Rockland Real Estate as the seller's broker.

On title and endorsements, district counsel/staff explained the ALTA survey supports an "ALTA-extended coverage" owner's title insurance commitment and related endorsements, intended to provide the buyer with a higher level of title assurance. The board was told that environmental studies are the buyer's responsibility under the contract.

A board member raised the question of how much the district will net after fees. District staff said they could provide a specific final net figure after confirming all costs (including legal fees and any additional closing costs). During discussion one member summarized: "At the end of the day, when this is complete, what is the final cut that the district is getting to put back into our coffers?" Administration said they would confirm the final number to the board.

Board members also asked whether the district could disclose the buyer and their intended use of the property; administration said they would share buyer details after closing consistent with contractual confidentiality and standard practice. A district representative told the board they had consulted outside counsel and the realtor and that both parties considered the buyer serious and responsive to the broker.

The board then held a roll-call vote; members voted in favor and the motion carried.

Next steps: administration will confirm and provide the final accounting of net proceeds after commissions and closing costs, and the district expects the sale to close in approximately two months.