East Dundee may sell its portion of the Summit Square building to the Dundee Township Foundation if the nonprofit can show it has the “financial capability” to buy, maintain and renovate it.
The village purchased the 611 Main St. property, formerly Summit School, for use as a future police station but ultimately opted against moving forward on the project.After putting out a request for proposals, several offers were received, including two from parties interested in purchasing one of the three condominium units.Dundee Township Foundation offered the highest amount — $100,000 — to buy the entire square footage.
The village leases space in the building to the foundation for $1. Under the lease terms, the foundation must move out upon the sale of the building. “How do you explain to your residents that you are just going to walk away from and push out a tenant?” Mahony said. What trustees need to consider is the use of the property now and 20 years from now, he said. “It’s pretty easy to see in my mind which one will most benefit us,” Lynam said.A nonprofit organization would not pay property taxes on the building whereas a business would.
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