Financing Fails for MEC Property Buyer, Board Weighs Keeping Earnest Money

Crete-Monee School District 201-U Meeting | March 10, 2026

Article Summary: The prospective buyer of the district’s MEC building failed to secure financing, prompting the Crete-Monee Board of Education to consult legal counsel on whether to retain the buyer’s $10,000 deposit.

MEC Sale Key Points:

• The long-awaited sale of the MEC facility has collapsed after the buyer was unable to obtain a loan.

• The buyer had submitted a $10,000 earnest money bid deposit.

• Board members requested a legal opinion to determine if the district can legally keep the deposit to offset the legal and publication fees incurred during the failed transaction.

• This marks the third time the district has gone out to bid attempting to sell the property.

The Crete-Monee School District 201-U Board of Education on Tuesday, March 10, 2026, learned that the pending sale of the MEC building has officially fallen through, forcing the district to start from scratch and sparking a debate over the buyer’s deposit.

Assistant Superintendent Jason Okrasinski announced during the meeting that the prospective buyer was ultimately unable to obtain the necessary financing to purchase the facility. The district must now decide whether to place the building back on the market for a fourth time.

The immediate point of contention, however, was the $10,000 earnest money bid deposit submitted by the buyer. Board Member William J. Sawallisch Jr. argued that if the district incurred legal fees and publication costs drafting the contracts for this specific buyer, those expenses should be recouped from the deposit before any funds are returned.

“If there’s expenses incurred from our counsel… out of that $10,000, I think we should recoup that,” Sawallisch Jr. stated.

Board President Maurice Brown agreed but noted the situation requires nuance. Brown explained that if the buyer knew they could not secure a loan and proceeded anyway, tying up the property, the district should keep the funds. However, if the financing failure was due to unforeseen circumstances completely out of the buyer’s control, he would be open to a refund.

The board directed its legal counsel to review the specific language of the signed contract and provide a written, privileged opinion on the district’s options for the $10,000 deposit.