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WETLAND MITIGATION BANK AGREEMENT AND PROPOSED ACCEPTANCE OF REAL ESTATE DONATION
Department(s): Department of Resource Management
Vendor: HGS, LLC D/B/A RES Environmental Operating Company, LLC, Bellaire, Texas
Request: Authorization for the Forest Preserves of Cook County (the "Forest Preserves") to enter into and execute
Good(s) or Service(s): Agreement for HGS, LLC to develop, manage and maintain a wetland mitigation bank on Forest Preserves property in unincorporated Cook County near Sauk Village, and authorization for the Forest Preserves to accept donated property from HGS, LLC with a corresponding deed restriction or similar instrument.
Contract Value: Not to exceed $10,000.00 in miscellaneous real estate fees, such as closing costs.
Contract Period: From date of execution until Mitigation Bank Closeout as determined by the appropriate federal authorities (the Forest Preserves will assume long-term maintenance responsibilities thereafter).
Estimated Fiscal Impact: Not to Exceed $10,000.00. After Mitigation Bank Closeout, the Forest Preserves expects to receive approximately $260,000.00 via a fund established by HGS, LLC and held by the Forest Preserves or a third-party fiduciary for the long-term management, maintenance, and stewardship of the mitigation site.
Accounts: Professional Services 51034.520830; Real Estate Capital Outlay 51006.560010; and all future Professional Services accounts
Contract Number(s): N/A
Concurrences: The Chief Financial Officer has approved this item. Final agreement is subject to legal review and approval.
District(s): 6
Summary: HGS, LLC ("HGS") is a subsidiary of Resource Environmental Solutions, which provides comprehensive ecological restoration and water resource solutions, serving public and private sector clients with full-delivery, land-based projects that build and sustain natural resiliency in ecosystems. HGS has rights to purchase an approximately (?) 71.7 acre parcel directly adjacent to...
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