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PROPOSED ACQUISITION OF REAL ESTATE
Department(s): Legal Department
Other Part(ies): John R. Napolitano (Owner of Record)
Request: It is respectfully requested that this proposed purchase, subject to retention of a life estate by the Owner of Record, be approved.
Description of Real Estate: 324 Sutton Road #A, Barrington Hills, Cook County, Illinois
Section: N/A
Parcel(s): 01-16-100-008-0000
PARCEL 1:
THE WEST ½ OF THE SOUTH 330 FEET OF THE NORTH 346.50 FEET OF THE WEST ½ OF THE NORTH WEST ¼ OF SECTION 16, TOWNSHIP 42 NORTH, RANGE 9, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.
PARCEL 2:
EASEMENT FOR THE BENEFIT OF PARCEL 1 AS CREATED BY DEED FROM THE KIMBERLY CORPORATION, A CORPORATION OF ILLINOIS, TO EGBERT S. MARSH AND HARRIET L. MARSH, HIS WIFE, DATED APRIL 30, 1955, AND RECORDED MAY 4, 1955 AS DOCUMENT NUMBER 16 225 025 AND CONTAINED IN AGREEMENT RECORDED DECEMBER 3, 1956, AS DOCUMENT NUMBER 16 770 031 FOR INGRESS AND EGRESS OVER:
THE SOUTH 19 FEET OF THE NORTH 355.50 FEET OF THE EAST 750 FEET OF SAID WEST ½ OF THE NORTH WEST ¼ ALSO OVER THAT PART OF SAID WEST ½ WHICH FALLS WITHIN A CIRCLE HAVING A RADIUS OF 50 FEET THE CENTER POINT OF WHICH IS 750 FEET WEST OF THE EAST LINE OF SAID WEST ½ AND 346.50 FEET SOUTH OF THE NORTH LINE OF SAID WEST ½ OF THE NORTH WEST ¼ OF SECTION 16 (EXCEPT THAT PART FALLING IN PARCEL 1) IN COOK COUNTY, ILLINOIS.
SAID PARCELS CONTAINING 219,542 SQUARE FEET, OR 5.04 ACRES, MORE OR LESS.
Fiscal Impact: $520,000.00 purchase price plus closing costs up to $10,000.00 (up to $530,000.00 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 a parcel of land for acquisition that would add to the Forest Preserves’ current holdings near Spring Lake (the “Property”). The Property, commonly known as 324 Sutton Road # A, Barrington Hills, Cook County, Illinois consists of approximately 5.04 ± acres. The Property is an infill parcel directly adjacent to current holdings in an 1007-acre section of Spring Creek forest preserve and will expand habitat and provide a buffer from impacts from neighboring properties. The Property will be acquired with a reserved life estate.
Through negotiations, the Owner of Record (the “Seller”), has agreed to sell the Property to the Forest Preserves for the sum of FIVE HUNDRED TWENTY THOUSAND DOLLARS AND 00/100 ($520,000.00) plus closing costs up to $10,000.00 (up to $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.
Seller shall retain a life estate in the Property for the duration of the Seller’s natural life and shall have the exclusive right to occupy, use and enjoy the Property for the Seller’s lifetime, as long as Seller resides on the Property. Seller shall remain responsible for routine maintenance, utilities, and property taxes during the life estate, as well as maintaining proper insurance. Seller shall not commit waste or make substantial alterations without the Forest Preserves’ consent. The life estate shall terminate automatically upon death or change of residence of Seller and the Forest Preserves shall obtain full possession and fee simple title without further consideration.
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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