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PROPOSED PURCHASE OF REAL ESTATE
Department(s): Legal Department
Other Part(ies): Marquette Bank, As Trustee Under Trust #30971, Dated 12/7/22 (Owner of Record)
Request: It is respectfully requested that this proposed purchase be approved.
Description of Real Estate: 9750 167th St, Orland Hills, Cook County, Illinois
Section: N/A
Parcel(s): 27-21-402-008-0000
THE EAST ½ OF THE EAST ½ OF THE EAST ½ OF THE SOUTHWEST ¼ OF THE SOUTHEAST ¼ OF SECTION 21, TOWNSHIP 36 NORTH, RANGE 12, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.
SAID PARCEL CONTAINING 217,800 SQUARE FEET, OR 5.00 ACRES, MORE OR LESS.
Fiscal Impact: $600,000.00 purchase price plus closing costs up to $10,000.00 (up to $610,000.00 in total).
Accounts: Real Estate and Land Acquisition Fund 51006.560010
District(s): 17
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 Orland Grassland (the “Property”). The Property, commonly known as 9750 167th St, Orland Hills, Cook County, Illinois, consists of approximately 5.00 ± acres. The Property contains a portion of Marley Creek and wetlands.
Through negotiations, the Owner of Record (the “Seller”), has agreed to sell the Property to the Forest Preserves for the sum of SIX HUNDRED THOUSAND DOLLARS AND 00/100 ($600,000.00) plus closing costs up to $10,000.00 (up to $610,000.00 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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