Sunday, July 8, 2018 || By Igor Studenkov || @maywoodnews
Featured image: Precious Hearts Daycare, located in Broadview. | Google Maps
During a July 2 meeting, the village of Broadview Board of Trustees voted unanimously to accept Precious Heart Daycare, 2301 W. Roosevelt Rd., owner Gloria Lynch’s bid to buy the village-owned building where her business has been located for the past 14 years.
The news is sure to be welcomed by the families and employees who depend on the daycare’s services. In the months ahead of the July 2 meeting, Lynch had expressed some concern about the uncertainty that her business would be thrust into if she didn’t secure ownership of the facility she had been renting from the village.
Village officials said that they have been looking to sell the building because they wanted to get out of the landlord business.
Matt Ingersoll, the village’s special counsel, explained in May, as part of the process of preparing to sell the building, the village moved to evict Lynch, effective July 1. He added that the village wouldn’t have any issue with Lynch buying the building herself.
Broadview officials explained that the vote didn’t actually make the sale final — it just meant that Broadview was interested in her offer and wanted to work something out. The actual details will be negotiated in the coming weeks and the agreement will come back to the board for final approval.
For the past 14 years, Lynch has been operating Precious Heart Daycare out of the village-owned building. In a May interview, she said that she employed 15 people and takes care of “maybe about 60 kids” from Broadview, Maywood, Bellwood and other nearby suburbs.
At the time, Lynch said that she was trying to apply for a business loan.
During the July 2 meeting, Broadview Building Commissioner David Upshaw said that, while several people expressed interest in the building, Lynch was the only one to submit a written offer and provide proof that she has the funding to pay for it.
She offered to pay $300,000 and, since there were no other applicants that went all in, her bid was a winning one by default. Upshaw recommended that the village take Lynch up on her offer.
“My understanding is Precious Heart has been in the community for 14-plus years,” he said. “They invested over $60,000 in a village-owned property. I know in the past 14-plus years, they’ve been paying rent on a consistent basis. They had a few hiccups, but they’re all caught up and are actually current on the rent. […] I think [Lynch] is an asset to the community, there’s definitely a need in the community.”
Trustee John Ealey said he had no problem with selling the building to Lynch, but he was concerned that the building wasn’t appraised. Upshaw responded that he recently had a nearby building with very similar square-footage appraised, and that it made no sense to spend another $2,000 to get a similar result.
Trustee Sherman Jones said that the Precious Hearts building was appraised “a few years ago” and, based on that, the $300,000 bid was reasonable. He also argued that estimating the value of the building based on a similar nearby building was a common practice.
“It doesn’t make any sense to debate it, disagree with it,” Jones added. “If we don’t take the deal, if we don’t take the $300,000, we’ll still have the property with a tenant, we’re still a landlord, and it’s not back on the tax rolls.”
Trustee Judy Brown-Marino wondered where the proceeds from the sale would go. Broadview finance director Timothy Hicks said that part was entirely up to the board.
Brown-Marino also raised an issue with the part of Lynch’s offer that entailed her applying for a 10 percent rebate, which would mean that she would get $30,000 back, reducing the amount she has to pay to $270,000.
The village attorney and Upshaw stated that this aspect of the offer could be discussed during negotiations. VFP
For more local news, ‘Like’ our Facebook page