, a Winfield resident and owner of Creekside Partners
, was selected by board members to purchase 30 unincorporated acres off High Lake Road just west of Winfield Road.
Board members hope to pass a contract at their July 6 meeting, which would allow Russo
to pursue a development and annexation plan with the village of Winfield before they actually sell him the property.
The district wants to ensure that Russo
doesn't turn around and resell the land for another use that would be detrimental to the school districts by lowering the long-term property tax revenue, adding many more children to local schools or both.
Russo's bid of $7.5 million fell short of the highest amount, but board members said they were looking for a development idea that would maximize the amount of tax dollars flowing into the district.
Board members also said Russo
estimated the district could receive as much as $750,000 in impact fees from the village for construction on the land, but district officials said that they have yet ever to receive impact money from Winfield.
Groans were heard from the crowd of nearly 30 people, many of them Winfield residents, at the announcement during Wednesday's
board meeting, and several people expressed their reservations over the sale to Russo