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A Resolution to Approve a Purchase and Sale Agreement for the Purchase of 7100 Roosevelt Road as Reviewed by the Village Board at its September 8, 2026, Closed Session
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Introduction
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The Village Board directed the Office of Economic Vitality to negotiate a purchase and sale agreement to purchase the vacant and blighted property at 7100 Roosevelt Road from the Cook County Land Bank Authority (CCLBA).
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Recommended Action
Approve the resolution to fully execute the purchase and sale agreement.
Prior Board Action
The Board has taken the following prior action(s):
• The Village Board directed the Office of Economic Vitality to pursue acquisition of the property during closed session.
Background
The Office of Economic Vitality has taken steps to address the blighted and unproductive property at 7100 Roosevelt Road. The property was recently the subject of litter and dumping of garbage. The property has been vacant and unused for several years. Public Works and Development Services staff worked to eliminate the litter and garbage on the property. The Office of Economic Vitality requested a proposal and engaged a certified appraiser to determine the value of the property. The Property Counselor’s appraisal indicated a range of value between $250,000 and $280,000, with a final value of $260,000. Economic Vitality staff negotiated a purchase and sale agreement with the Cook County Land Bank Authority (CCLBA) and offered $120,000 for the property with a 120-day due diligence period. The due diligence includes title search, survey, Phase 1 and Phase II, property inspections, and legal review. The CCLBA has conducted its legal review and approved the purchase price. The CCLBA has taken ownership of the property due to non-payment of property taxes.
Timing Considerations
There is a 120-day due diligence period following Village Board approval of the purchase and sale agreement.
Financial Impact
Economic Vitality staff evaluated the impact of the property acquisition and due diligence costs on the budget. The purchase price is $120,000, and the due diligence costs will likely include Phase I and Phase II evaluations, any environmental remediation, demolitions, security, landscaping, and maintenance. The Office of Economic Vitality allocated $120,000 in the property acquisition budget and allocated resources in the external support budget for environmental consultants and demolition contractors. Economic Vitality also allocated funds for an architect to create a potential vision for the site with renderings.
Account GL - Property Acquisition (1001.41026.101.570704)
Expenditure - $120,000
Operations Impact
The item aligns with the department’s core service delivery. The Office of Economic Vitality staff will be required to allocate approximately 45 hours of staff time to put toward this item in terms of engaging consultants to undertake the due diligence items, including title search, survey, Phase1 and Phase II, property inspections, and legal review. This is a daily operating function of the department and should not impact regular workflow.
We anticipate the legal department will be impacted in terms of review and oversight of the purchase and closing. We have allocated approximately 30 hours.
DEI Impact
There is no DEI impact associated with this item.
Community Input
The Village Board considered the purchase and sale agreement in closed session. No other related Oak Park board, commission, or committee provided input or made a recommendation. However, the Lakota Group completed the Comprehensive Land Use Plan for the Roosevelt Road Corridor, which provided significant community input from both Oak Park and Berwyn residents.
Staff Recommendation
Village staff recommends approval of the resolution authorizing Village staff to execute the purchase and sale agreement to best control the ultimate redevelopment of the property through a comprehensive visioning and planning process. Ownership will allow the Village time to develop a vision to guide recruitment and selection of a developer. The Office of Economic Vitality is recommending Village Board approval of the purchase and sale agreement to put the property under contract.
Advantages:
• The Village can take action to eliminate a blighted and vacant property.
• The Village can take control and create a “shovel-ready” site for redevelopment.
• The Village can create a vision and guide redevelopment of the property.
Disadvantages:
• The purchase of the property by the Village will take it off the property tax rolls since it will become tax-exempt.
• The property acquisition will reduce the property acquisition budget.
Alternatives
Alternative 1:
The Village could decide not to purchase the property.
Advantages:
• The Village would not have to allocate property acquisition resources.
• The Cook County Land Bank Authority would maintain ownership.
Disadvantages:
• The property may continue to be a vacant and blighted eyesore along the Roosevelt Road Corridor.
• Commercial blight breeds additional commercial blight.
Anticipated Future Actions
The Village Board will be required to take further action before expiration of the 120-day due diligence period.
Prepared By: John C. Melaniphy, Village Manager’s Office, Assistant Village Manager of Economic Vitality
Reviewed By: Jack Malec, Assistant to the Village Manager
Approved By: Kevin J. Jackson, Village Manager
Attachment(s):
1. Resolution
2. 7100 Roosevelt Road - Marketing Brochure
3. 7100 Roosevelt Road - Appraisal
4. 7100 Roosevelt Road - CCLBA Purchase & Sales Agreement
5. 7100 Roosevelt Road - Property Acquisition Analysis