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PROPOSED ACQUISITION OF REAL ESTATE
Department(s): Legal Department
Other Part(ies): 59 and Schaumburg Road, LLC (Owner of Record)
Request: It is respectfully requested that this proposed purchase be approved.
Description of Real Estate: 59 W. Schaumburg Road, Streamwood, Cook County, Illinois and 253 Sutton Road, Unincorporated Hanover Township, Cook County, Illinois
Section: N/A
Parcel(s): 06-15-300-021-0000, 06-15-300-011-0000, 06-15-301-017-0000
THAT PART OF THE SOUTHWEST ¼ OF SECTION 15, TOWNSHIP 41 NORTH, RANGE 9, EAST OF THE THIRD PRINCIPAL MERIDIAN DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTHWEST CORNER OF SECTION 15 AFORESAID THENCE NORTH 00 DEGREES 34 MINUTES EAST ALONG THE WEST LINE OF SAID SECTION 742.5 FEET, THENCE EAST PARALLEL WITH THE SOUTH LINE OF SAID SECTION 1316.5 FEET, THENCE SOUTH 00 DEGREES 44 MINUTES WEST, 14.50 FEET, THENCE EAST PARALLEL TO THE SOUTH LINE OF SAID SECTION 660.0 FEET, THENCE SOUTH 00 DEGREES 44 MINUTES WEST 198.0 FEET, THENCE NORTH 89 DEGREES 20 MINUTES EAST 3.91 FEET, THENCE SOUTH 1 DEGREES 05 MINUTES WEST, 528.0 FEET TO A POINT IN THE SOUTH LINE OF SAID SECTION, THENCE WEST ALONG SAID SOUTH LINE 1975.0 FEET TO THE POINT OF BEGINNING, EXCEPTING THEREFROM THAT PART OF THE ABOVE DESCRIBED PROPERTY LYING WEST OF THE CENTER LINE OF STATE ROUTE 59, BEING SITUATED IN HANOVER TOWNSHIP, COOK COUNTY, ILLINOIS.
AND:
PARCEL 1:
THE SOUTH 3 ACRES OF THE NORTH 19 ACRES OF LOT 8 OF THE PLAT OF SECTION 15, TOWNSHIP 41 NORTH, RANGE 9, EAST OF THE THIRD PRINCIPAL MERIDIAN, RECORDED JULY 1, 1848 AS DOCUMENT NUMBER 20207, IN BOOK 29 OF MAPS, PAGE 144 AND DEPOSITED WITH THE COUNTY CLERK OF COOK COUNTY, ILLINOIS, ALL IN COOK COUNTY, ILLINOIS.
PARCEL 2:
THAT PART OF LOT 6 OF THE PLAT OF SECTION 15, TOWNSHIP 41 NORTH, RANGE 9, EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED JULY 1, 1848 AS DOCUMENT NUMBER 20207 IN BOOK 29 OF MAPS, PAGE 144, LYING EASTERLY OF THE EASTERLY LINE OF THE STATE ROUTE 59, ACCORDING TO THE PLAT OF DEDICATION THEREOF RECORDED SEPTEMBER 22, 1932, AS DOCUMENT NUMBER 11143392, IN COOK COUNTY, ILLINOIS.
PARCEL 3:
THAT PART OF LOT 8 OF THE PLAT OF SECTION 15, TOWNSHIP 41 NORTH, RANGE 9, EAST OF THE THIRD PRINCIPAL MERIDIAN, RECORDED JULY 1, 1949 AS DOCUMENT NUMBER 20207 IN BOOK 29 OF MAPS, PAGE 144 AND DEPOSITED WITH THE COUNTY CLERK OF COOK COUNTY, ILLINOIS, LYING SOUTH OF THE SOUTH LINE OF THE NORTH 19 ACRES OF SAID LOT 8 AND LYING NORTH OF A STRAIGHT LINE DRAWN FROM THE SOUTH EAST CORNER OF LOT 6 OF THE PLAT OF SECTION 15, AFORESAID, TO A POINT ON THE EAST LINE OF SAID LOT 8, 742.56 FEET, AS MEASURED ALONG SAID EAST LINE, NORTH OF THE SOUTH EAST CORNER OF SAID LOT 8, IN COOK COUNTY, ILLINOIS.
SAID PARCELS CONTAINING 1,218,808 SQUARE FEET, OR 27.98 ACRES, MORE OR LESS.
Fiscal Impact: $5,650,000.00 purchase price plus closing costs up to $10,000.00 (up to $5,660,000.00 in total).
Accounts: Real Estate and Land Acquisition Fund 51006.560010
District(s): 15
Summary: The Forest Preserves of Cook County (the “Forest Preserves”) has identified several parcels of land for acquisition that would add to the Forest Preserves’ current holdings near Poplar Creek Land and Water Reserve (the “Property”). The Property, commonly known as 59 W. Schaumburg Road, Streamwood, Cook County, Illinois and 253 Sutton Road, Unincorporated Hanover Township, Cook County, Illinois, consists of approximately 27.98 ± acres. The Property has remnant oak-hickory woodland. Protection of this parcel will keep habitat adjacent to 765-acre Schaumburg Road Grassland to the west.
Through negotiations, the Owner of Record (the “Seller”), has agreed to sell the Property to the Forest Preserves for the sum of FIVE MILLION SIX HUNDRED FIFTY THOUSAND DOLLARS AND 00/100 ($5,650,000.00) plus closing costs up to $10,000.00 (up to $5,660,000.00 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 documentation as determined by the Forest Preserves Legal Department, to effectuate payment in the amount of the purchase price plus closing costs as full compensation for the acquisition of the Property.
This land acquisition advances the goals of the Forest Preserves’ Land Acquisition Plan, Next Century Conservation Plan, and Acquisition and Disposition of Land Position Paper.
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