The bank holding the deed to the Arcade Building in Riverside wants to sell the structure fast, perhaps a little too fast.
PrinsBank in Prinsburg, Minn., began accepting bids for the building April 30, two days after the structure was placed on the Ten Most Endangered Historic Places in Illinois for 2009 by Landmarks Illinois. The bank will accept bids through Friday, May 15.
Joe DeGroot, the property’s servicing agent, said two weeks is the normal period given to accept bids from potential buyers of a building. He’s probably right, but most structures sold in this manner are probably not of such historic significance.
DeGroot admitted that the bank was looking more at the financial aspects of the building’s sale than it was at the potential buy’s plans for the structure. Aberdeen Marsh-Ozga, a member of the Riverside Preservation Commission, said she is concerned that the two-week period wouldn’t be long enough for the bank to take advantage of the publicity generated by the Arcade’s listing on the Landmarks Illinois list.
Preserving a historic structure takes a tremendous commitment, and perhaps the bank could extend its deadline a bit to find a suitable buyer. It should take the time to identify someone who will ensure that the community treasure receives the necessary care it deserves.
