• How long after the referendum does the Park District have to sell the property?
• Will the Park District establish minimum terms for the sale of land?
• Will the Park District sell the land to a gravel company for mining purposes?
• Will the Park District sell to a residential developer?
• What happens if there is not a buyer for the land at the minimum terms?

How long after the referendum does the Park District have to sell the property?
The Park District will attempt to sell the property as soon as it deems it has achieved the ability to sell the land at its highest price. While there is no prescribed timeline to complete the sale, legal counsel recommends it be completed within five (5) years. If there are no successful bids received during the first public auction date, then the Park District has one (1) year to conduct a second auction for the property. After that, another referendum would be necessary.

Will the Park District establish minimum terms for the sale of land?
Yes. These terms will be based on the projected funds needed to develop recreation facilities (minimum price) as well as any other terms the Board determines important to the sale.

Will the Park District sell the land to a gravel company for mining purposes?
The Park District must sell the land to the highest bid that meets the terms of the sale through the public auction process. Because there is no way to control how the property will be bought and sold after this auction, the Park District wanted to assure residents that whoever owned the property in the future, gravel mining would be prohibited. As such, the Park Board has placed covenants on the property in perpetuity that prevents the land from being mined for gravel, forever.  These covenants run with the land and are filed with the county. And because the Board wanted to assure the community that they have control over the destiny of gravel mining on the property, the covenants can be enforced by the Park District AND/OR by any resident living within the Cary Park District boundaries.

Will the Park District sell to a residential developer?
The Park District must sell the land to the highest bid that meets the terms of the sale through the public auction process. While a residential developer could have interest in the property, any such development would be in the Village of Lake in the Hills, District 47 and District 155 schools, so the Village of Cary and School District 26 would not be impacted.

What happens if there is not a buyer for the land at the minimum terms?
The Park District does not have to sell the land if minimum terms are not met. The Board has one year after an unsuccessful auction bid to put the property back up for auction, but can only do this one additional time before returning to the voters for approval to sell the land again.