The DeKalb Public Library closed yesterday on its purchase of land for expansion from Castle Bank, trustee under Trust Agreement #2222 and the sole beneficiary of the land trust, developer Steve Irving. The purchase price is $1,450,000 plus $25,000 for each month/part of month beyond the original target closing date of October 1, 2011, according to the purchase agreement.
If you’d like a copy of the agreement, e-mail me. It’s a 30-page PDF.
5 comments
Comment by Ivan Krpan on January 4, 2012 at 11:44 am
Ridiclous to have paid such a prime fee for this land. The library board could have easily purchased all of this land for far less. It would have just taken them to be honest and transparent with their intentions in the first place instead of being sneaky and business behind closed meetings and doors. The taxpayers are the ones hurt by this path they took and the only one who benefits is Steve Irving for getting premium dollar for the land………………… you know what? Good for him if this community is willing to let this type of politics continue. Congratulations Steve for having the vision to take advantage of a prime opportunity.
Comment by Mac McIntyre on January 4, 2012 at 11:39 pm
Please send a copy of the agreement to Natalie Potts npotts[AT]kentlaw.edu
Thanks!!!
Comment by yinn on January 5, 2012 at 6:23 am
^Done.
Comment by Kerry Mellott on January 5, 2012 at 8:02 pm
Well, perhaps Mr. Irving will have a good year at some point and donate back to the Library a large chunk of the purchase price and get a tax write-off as well as the goodwill of the library patrons and taxpayers??? Don’t know him, but that’s how I’d think about it…
But even if the land was free, a building program in the next few years for a substantial addition and remodeling project is probably more than this area can afford. On top of the initial and one time costs of construction would follow very large increases in operating fund budgets, necessarily coming from increased taxes.
The only way I can see this bird fly righteously during a depressed economy is by a very wealthy benefactor generously providing an ongoing, over sized endowment.
Is there a second Jacob Haish waiting in the wings??
Comment by Ivan Krpan on January 8, 2012 at 11:02 am
Batavia, Yorkville, Desplaines, and now Chicago are closing their libraries during the week just to save operating dollars. Batavia, Yorkville, and Desplaines built new additions onto their libraries and now cannot afford to operate them. They’ve closed down areas within the additions, shortened hours and are even closed entire days now just to try and come in on budget.
Increased service to citizens within the community? I don’t think so. This is how all of these expansions were promoted and now the libraries are providing less service now than they did before the expansions. Stupidity is the reason, we are in a major economic turmoil and yet, these morons continue to stick the taxpayers neck out on the cutting block and obligate them to 25 and 30 year bonds payable through their property taxes.
$110 million referendum for schools, debt due to the state not fullfilling their obligation to fund schools, straining the TIF districts, $12 to 15 million dollar police station underway, $15 to 30 million library expansion on its way, park district now looking for improvements and new pool again, increased taxes for Kishwaukee Jr. College expansion, fire department in need of new fire station and equipment and the library board continues to plan the expansion like not a damn thing is wrong in the housing and financial markets.
How much more debt can the taxpayers of this community be hung out to dry and be obligated for? The school referendum pretty much killed it for any other public projects but yet, they continue to spend and build. Foreclosures are still happening at an alarming rate and the County tax assessor is seeing problems in late payments for property taxes and in fact many of these properties not even paying their property taxes.
I doubt seriously Kerry that there is another Jacob Haish lurking in the shadows to pay for this library expansion. Many are looking how to save what they have and how to replace what they lost when property values were remarked by they banks and Wall Street lost millions their investments. Of course there is still the unknown that comes from the lack of leadership on all levels in Washington not to forget the fact that Illinois has zero leadership acting on its behalf to promote Illinois and help a state that is last in just about every category important in inviting business to bring quality jobs to Illinois.
Nope, this library expansion is the wood stake in the community. They have now dug the hole so deep that it is not refillable in the near future. With no hope to see the EAV return to black, the poor property owners in this community have become the slaves of the current group in power. Maybe, just maybe they could form a group and be the benefactor the library needs? Sorry, didn’t mean to tell a joke.
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