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PROPOSED PURCHASE OF REAL ESTATE
Department(s): Legal Department
Other Part(ies): Chicago Title Land Trust Company as Successor Trustee to the First National Bank in Chicago Heights, as Trustee under Trust Agreement dated May 11, 1966 and known as Trust Number 540; Walter J. Nykaza, Beneficiary (“Owners of Record”)
Request: It is respectfully requested that this proposed purchase be approved.
Description of Real Estate: 20278 Cottage Grove Ave, Glenwood, Cook County, Illinois
Section: NA
Parcel(s): PIN: 32-15-200-012-0000
THE NORTHWEST 1/4 OF THE NORTHEAST 1/4 OF SECTION 15, TOWNSHIP 35 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN (EXCEPT THE SOUTH 66 FEET THEREOF CONVEYED TO CHICAGO DISTRICT PIPELINE COMPANY, A CORPORATION, BY DEED RECORDED AS DOCUMENT 14832873 AND EXCEPT THE NORTH 49.5 FEET OF THE SOUTH 115.5 FEET OF THE EAST 660.0 FEET THEREOF, CONVEYED TO CHICAGO DISTRICT PIPELINE COMPANY, A CORPORATION, BY DEED RECORDED ON SEPTEMBER 3, 1958 AS DOCUMENT 17306418), IN COOK COUNTY, ILLINOIS.
SAID PARCEL CONTAINING 1,613,462 SQUARE FEET, OR 37.04 ACRES, MORE OR LESS.
TOGETHER WITH A 60.00-FOOT WIDE NON-EXCLUSIVE CONDITIONAL INGRESS AND EGRESS EASEMENT FROM JOE ORR ROAD ALONG THE EASTERN PROPERTY BOUNDARY OF PIN 32-15-200-011-0000.
SAID EASEMENT CONTAINING 67,500 SQUARE FEET, OR 1.55 ACRES, MORE OR LESS.
Fiscal Impact: $2,960,000.00 purchase price plus closing costs up to $10,000.00 (up to $2,970,000.00 in total).
Accounts: Real Estate and Land Acquisition Fund 51006.560010
District(s): 5
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 Sweet Woods (the “Property”). The Property, commonly known as 20278 Cottage Grove Ave, Glenwood, Cook County, Illinois, consists of approximately 37.04 ± acres. The Property has natural and fallowed land and contains a part of Third Creek.
Through negotiations, the Owners of Record (the “Sellers”), have agreed to sell the Property to the Forest Preserves for the sum of TWO MILLION NINE HUNDRED SIXTY THOUSAND DOLLARS AND 00/100 ($2,960,000.00) plus closing costs up to $10,000.00 (up to $2,970,000.00 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’ Southeast Cook County Land Acquisition Plan, Next Century Conservation Plan, and Acquisition and Disposition of Land Position Paper.
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