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PROPOSED ACQUISITION OF REAL ESTATE
Department(s): Legal Department
Other Part(ies): 1016A, LLC (Owner of Record)
Request: It is respectfully requested that this proposed purchase be approved.
Description of Real Estate: 3803 Gladstone Avenue, Unincorporated Riverside Township, Illinois
Section: N/A
Parcel(s): PIN: 15-36-313-032-0000
THE NORTH 12.5 FEET OF LOT 28 AND ALL OF LOTS 29 AND 30 IN BLOCK 8 IN RIVERSIDE LAWN, A SUBDIVISION OF PART OF THE SOUTHWEST QUARTER OF SECTION 36, TOWNSHIP 39 NORTH, RANGE 12, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.
SAID PARCEL CONTAINING 14,061 SQUARE FEET, OR 0.32 ACRES, MORE OR LESS
Fiscal Impact: $125,000.00 purchase price plus closing costs up to $10,000.00 (up to $135,000.00 in total).
Accounts: Real Estate and Land Acquisition Fund 51006.560010
District(s): 16
Summary: The Forest Preserves of Cook County (the “Forest Preserves”) has identified a parcel of land for acquisition that would add to the Forest Preserves’ current holdings near Cermak Woods (the “Property”). The Property, commonly known as 3803 Gladstone Ave, Unincorporated Riverside Township, Cook County, Illinois, consists of approximately 0.32 ± acres. The Property is near recent acquisitions in Riverside Lawn.
Through negotiations, the Owner of Record (the “Seller”), has agreed to sell the Property to the Forest Preserves for the sum of ONE HUNDRED TWENTY-FIVE THOUSAND DOLLARS AND 00/100 ($125,000.00) plus closing costs up to $10,000.00 (up to $135,000.00 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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