Title/Name/Summary
Ordinance Authorizing the Acquisition of Real Estate at 8801 143rd Street
History
The property at 8801 143rd Street is the former home of the Riviera Country Club. The Country Club is currently vacant. There is a restaurant and banquet hall in operation at the property. The entire property is approximately 8.6 acres. The Village has negotiated the purchase price of a portion of this property. Approximately 5 acres on the east side of the site will be purchased by the Village. This separates the property into two parcels. One will contain only the banquet hall and the other will have the restaurant and former country club.
The subject property was appraised at the end of 2025. The whole property was appraised at $4,350,000 - $5,000,000. The portion of the property the Village is interested in was appraised at $3,250,000 - $3,650,000. The agreed upon sale price between the Village and the seller is $2,200,000.
The portion of property the Village will be purchasing is depicted as Lot 1 on the preliminary plat of subdivision attached to this item for review.
The ordinance authorizing the acquisition of real estate for a portion of the property at 8801 143rd Street, Orland Park IL.
Recommended Action/Motion
I move to approve Ordinance No.______, entitled, “ VILLAGE OF ORLAND PARK ORDINANCE AUTHORIZING THE ACQUISITION OF REAL ESTATE.”