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PROPOSED SALE OR PURCHASE OF REAL ESTATE
Department(s): Legal Department
Other Part(ies): Village of Schiller Park, Illinois
Request: It is respectfully requested that this proposed sale be approved.
Description of Real Estate: Surplus Parcel 12
2.66 ± acres described as follows:
That portion of Block 5 in the Superior Court Partition of that part of the South Section of Robinson’s Reserve lying West of the West Right of Way Line of new Des Plaines Avenue and North of North Right of Way Line of Irving Park Boulevard in Township 40 North, Range 12, East of the Third Principal Meridian, in Cook County, Illinois.
Permanent Index Number: Part of 12-15-400-004-0000
Section: N/A
Parcel(s): Surplus Parcel 12
Fiscal Impact: $625,000.00 in revenue
Accounts: Anticipated Land Sales/Surplus 510006.411466
District(s): 9
Summary: The Forest Preserves of Cook County (the “Forest Preserves”) recently concluded negotiations for the sale of a Surplus Parcel that has been approved for sale by the State Legislature, Surplus Parcel 12, consisting of approximately 2.66 acres (the “Surplus Parcel”) located in the Village of Schiller Park, Cook County, Illinois. The Surplus Parcel is not contiguous with or connected to any other Forest Preserves property.
During the mid-80’s, Forest Preserves staff undertook a comprehensive study of all Forest Preserves holdings, resulting in a list of 30 parcels being considered for disposal. At the June 3, 1985 meeting of the Forest Preserves of Cook County Board of Commissioners (the “Board”). The Board approved the divestiture and procedure for disposal of 28 of the 30 parcels, based on the recommendation of its Advisory Committee. Subsequently, the Forest Preserves sought and obtained permission, on September 23, 1985 via Public Act 84-867, from the State Legislature to offer the 30 aforementioned parcels, including Surplus Parcel 12, for sale with the monies to accrue to the Forest Preserves Real Estate Acquisition Fund.
The Village of Schiller Park (the “Buyer”), has agreed to buy the Surplus Parcel from the Forest Preserves for the sum of SIX HUNDRED TWENTY-FIVE THOUSAND DOLLARS AND 00/100 ($625,000.00) (the “Purchase Price”). The Purchase Price is consistent with M.A.I. certified appraisals obtained by the Forest Preserves. The Purchase Price will be payable in ten (10) annual cash installments to begin on the effective date of the agreement, and each year thereafter, in the amount of $60,000.00 prior to closing and $25,000.00 at the time of closing. No interest rate, fee or penalty provision shall be applicable. If any cash installment is not received by the Forest Preserves on the effective date of the agreement, and each year thereafter, the Forest Preserves shall send written notice to the Buyer demanding such payment and the Buyer shall have ninety (90) days from the date of the notice to comply. If the Buyer does not comply within the ninety (90) day period, the Forest Preserves shall have the option to terminate the agreement and keep any cash installments already received. Additionally, the Buyer has agreed to accept title to the Surplus Parcel with a covenant or deed restriction limiting use of the Surplus Parcel to recreational space for public use.
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 accept the aforementioned Purchase Price and terms, less any customary closing costs, as full compensation for the sale of the Surplus Parcel and to convey by quitclaim deed all of the Forest Preserves’ right, title and interest in the Surplus Parcel.
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