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PROPOSED PURCHASE OF REAL ESTATE
Department(s): Legal Department
Other Part(ies): Walter Shults and Jo Ann Shults (Owners of Record)
Request: It is respectfully requested that this proposed purchase be approved.
Description of Real Estate: Part of 360 E. Glenwood Dyer Road, Glenwood, Illinois
Section: N/A
Parcel(s): Part of PIN: 32-10-200-006-0000
EXCEPTING THAT PART NORTH OF DEER CREEK; THAT PART LYING SOUTH OF THE CENTER LINE OF GLENWOOD DYER ROAD, IN THE EAST ½ OF THE WEST ½ OF THE NORTHEAST ¼ OF SECTION 10, TOWNSHIP 35 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.
SAID PARCEL CONTAINING 849,420 SQUARE FEET, OR 19.50 ACRES, MORE OR LESS.
Fiscal Impact: $835,000.00 purchase price plus closing costs up to $10,000.00 (up to $845,000.00 in total).
Accounts: Real Estate and Land Acquisition Fund 51006.560010; and ARPA Fund 51032.560010
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 Part of 360 E. Glenwood Dyer Road, Glenwood, Cook County, Illinois, consists of approximately 19.50 ± acres. The Property has natural and fallowed land and contains a part of Deer Creek.
Through negotiations, the Owners of Record (the “Sellers”), have agreed to sell the Property to the Forest Preserves for the sum of EIGHT HUNDRED THIRTY-FIVE THOUSAND DOLLARS AND 00/100 ($835,000.00) plus closing costs up to $10,000.00 (up to $845,000.00 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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