NIU’s plans to purchase the former Wurlitzer Corp. property were shattered Wednesday, despite a funding offer from the DeKalb City Council, when the property owners said they probably will not extend the deadline for NIU’s purchase decision.

In a meeting Wednesday, representatives from the property owner’s parent corporation, Equitable Real Estate Investment Management Inc., indicated they will give NIU an official answer today about extending the purchase deadline for two weeks, said Thomas Montiegel, NIU vice president of development and university relations. But the answer “will probably be no.”

“They (Equitable) are not going to give us an extension,” Montiegel said. “We probably will not be able to purchase Wurlitzer. They (represent) a business, and they have given us every opportunity, but we just could not do it. It is a terrible loss.”

Representatives from Equitable Real Estate, of which Equitable Life Assurance Society (the owner of the Wurlitzer Corp.) is a subsidiary, were not available for comment Wednesday evening.

NIU had planned to use the property in establishing a research and engineering park, in which businesses could lease office space or limited industrial space.

The original July 1 purchase deadline was extended to Aug. 31. Since this deadline has passed, Equitable can allow other businesses to buy the corporation.

“There is an interest by others in the purchase (of Wurlitzer),” said Jim McCowen, spokesperson for Equitable Real Estate. “We do have a commitment to the university, but we are not going to make a statement saying we prefer this buyer over another one.”

NIU raised $387,000 of the $400,000 purchase price. However, Gov. James Thompson vetoed a bill that would have funded an estimated $1.2 million for purchase and renovation of the site. Consequently, NIU was unable to provide additional funding for operations and maintenance of the property, Montiegel said.

“We just cannot buy it (Wurlitzer) and figure out how we’re going to cut the grass and heat the building,” Montiegel said.

NIU had received support from the city and from private citizens for the property purchase.

The DeKalb City Council decided Monday to fund the purchase of Wurlitzer, possibly buying the property and selling it to NIU, DeKalb Mayor Greg Sparrow said.

“We are willing to provide funding up to and including the acquisition cost, subject to negotiation,” Sparrow said. “We do not want to become the owners. The idea is to assist NIU in bringing Wurlitzer to DeKalb.”

The council agreed the concept of a research park is beneficial to the community and represents the type of economic development it wants to encourage, Sparrow said.

At the council’s direction, DeKalb City Manager Mark Stevens wrote letters to NIU President John LaTourette and Mike Tozzi, vice president of Equitable Real Estate, offering economic support for NIU’s purchase of Wurlitzer.