The Atlanta, Illinois, Public Library District board entered a 20-year contract to purchase the Union Hall building at 114 S.W. Archer Street in December 2014, raising a number of issues the Edgar County Watchdogs (ECW) have been focusing on for months.
The ECW has contended that details about the installment purchase plan were not recorded on the board’s meeting agenda and there was was no vote scheduled, yet the board voted to approve the $200,000 plan, whch translated to $1,211.96 in monthly payments at a 4 percent interest rate over the 20 years.
The ECW has pointed out that at the time of the agreement, Saint Thomas Didymus Corp., a member of Teleologic Learning L.L.C., owned the building.
William Thomas, the president of Didymus at the time of the contract agreement, inserted a provision under paragraph “H” that gave him the right to remain in the building as a tenant, according to ECW. The provision also stated that Thomas was to be responsible for delivering the mortgage payment to Heartland Bank and Trust Co. in order to complete his mortgage payments each month, after the Atlantic Public Library paid its installment contract fees.
In paragraph 2.04 of the installment contract, one other provision states that the contract “shall terminate after a default of the payment of any installment of principal of interest for sixty (60) days… .”
In the months that have followed, the ECW has said the entire deal with a sham to help the library gain access to a state grant. The contract, it has contended, was never meant to take place.
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