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PROPOSED SALE OR PURCHASE OF REAL ESTATE
Department(s): Legal Department
Other Part(ies): 1400 E Joe Orr, LLC (Owner of Record)
Request: It is respectfully requested that this proposed purchase be approved.
Description of Real Estate: 1413 E Joe Orr Rd (aka 1400 E Joe Orr Rd), Lynwood, Cook County, Illinois
Section: N/A
Parcel(s): PINs: 32-14-406-001-0000 & 32-14-405-003-0000
THE EAST HALF OF THE SOUTHEAST QUARTER OF SECTION 14 (EXCEPT THE EAST 36-2/3 ACRES THEREOF) AND (EXCEPT HIGHWAY) THAT PART OF THE SOUTH HALF OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 14, TOWNSHIP 35 NORTH, RANGE 14, EAST OF THE THIRD PRINCIPAL MERIDIAN, LYING NORTHEAST OF THE CENTER LINE OF DEER CREEK, IN COOK COUNTY, ILLINOIS.
SAID PARCELS CONTAINING 2,022,778 SQUARE FEET, OR 46.44 ACRES, MORE OR LESS.
Fiscal Impact: $1,520,000.00 purchase price plus closing costs up to $10,000.00 (up to $1,530,000.00 in total).
Accounts: Real Estate and Land Acquisition Fund 51006.560010; and ARPA Fund 51032.560010
District(s): 5
Summary: The Forest Preserves of Cook County (the "Forest Preserves") has identified two parcels of land for acquisition that would add to the Forest Preserves' current holdings near Sweet Woods (the "Property"). The Property, commonly known as 1413 E Joe Orr Rd (aka 1400 E Joe Orr Rd), Lynwood, Cook County, Illinois, consists of approximately 46.44 ? acres.
Through negotiations, the Owner of Record (the "Seller"), has agreed to sell the Property to the Forest Preserves for the sum of ONE MILLION FIVE HUNDRED TWENTY THOUSAND DOLLARS AND 00/100 ($1,520,000.00) plus closing costs up to $10,000.00 (up to $1,530,000.00 in total). The purchase price is based upon two (2) M.A.I. appraisals obtained by the Forest Preserves and is subject to the Forest Preserves' satisfactory completion of its due diligence.
Permission is now sought, upon satisfactory completion of all due diligence and negotiation of any and all required documenta...
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