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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 staf...
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