WAUCONDA – On Nov. 9, the Wauconda Park District Board of Commissioners unanimously approved and executed a sales contract to buy the property at 231 E. Liberty St. in Wauconda known as the location of Wauconda Boat.
With the sales contract executed, the district is performing its due diligence and inspections in order to proceed with the purchase.
The property consists of a marina retail location, boat piers, six residential apartments and a house, a retail location on Route 176 and a service building with seven bays, of which the park district will be leasing four bays back to the seller to continue its boat servicing capability. The purchase price is $1.7 million, to be financed over 20 years through the sale of alternative revenue bonds.
“The ongoing revenue will help to service the bond payments for the purchase, as well as provide a consistent revenue source to the district,” said Tim Staton, Wauconda Park District executive director. “In addition, we will be applying for grant funds to help with redevelopment efforts over the next few years.”
Ed Salisbury, president of C.E.T. Commercial Development, is the seller of the property. Salisbury approached the park district to present an opportunity for the property to continue to deliver lake access to the public versus a sale to a private entity that might bring with it residential development and the discontinuation of public access.
“We’re glad that this marina property will be going to a good, long-term home,” Salisbury said. “Bangs Lake is a jewel within the region, and it is gratifying to know that residents and visitors will be able to enjoy boating and fishing on it for generations ahead.”