Digital Access

Digital Access
Access kcchronicle.com from all your digital devices and receive breaking news and updates from around the area.

Home Delivery

Home Delivery
Want to make sure you receive the latest local news? We’ve got you covered! Get the best in local news, sports, community events, with focus on what’s coming up for the weekend. Weekly mail subscription offers

Text Alerts

Text Alerts
Choose your news! Select the text alerts you want to receive: breaking news, prep sports, weather, and more. Text alerts are a free service from Kane County Chronicle, but text rates may apply.

Email Newsletters

Email Newsletters
Sign up for free email alerts. We'll deliver news & updates to your inbox.
The Holiday Gift Auction is Live! Click here and bid now on great local gifts!
Local

Acres for sale go on back burner in District 304

GENEVA – The 28 acres Geneva School District 304 planned to sell as surplus is going on the back burner, sidelined by a depressed real estate market.

The property, on the northwest corner of Keslinger and Brundige roads, has a minimum selling price of $2.2 million.

Real estate agents have advised the district that the most they could get for the property is $500,000, said Donna Oberg, assistant superintendent for business services.

Oberg said real estate agents advised the district to wait on the sale until the market value increases – or take a substantial loss on the sale.

"Their suggestion was to just put it on the shelf," Oberg said. "If we don't have to sell it, just hang on to it and see what happens with the economy down the road, five or 10 years later and recoup that money back.

"I don't want to take a loss on it," board President Mark Grosso said. "It's not a fire sale."

The district paid nearly $1.5 million for the property in January 2007, intending to use it for a maintenance facility and bus parking.

The district put in more money for improvements on Brundige Road. After the economy soured, the district did not need to build a maintenance facility, officials said.

Officials put it up for sale becuase it is unsuitable and inconvenient for a school, first putting it out for bid in January. They received no bidders, Oberg said, eventually going with a real estate agent in March.

Loading more