Title/Name/Summary
Resolution Authorizing the Acquisition of 9401 159th Street (Former BP)
History
On August 3, 2026, The Village Board approved a purchase and sale contract for the property at 9401 159th Street. The contract included a Title Search Aspect and an environmental aspect. The site already has a No-further-remediation (NFR) letter from the IEPA. The seller was required to deliver marketable title and a Phase II environmental assessment which included subsurface testing.
After review of title, the title search returned not title defects. As such the Village moved on to the Phase II environmental assessment. The results of the investigation indicate that the property has been appropriately remediated and is ready for land development. As such, the Village is moving forward with the acquisition.
The agreed upon purchase price was $825,000, this is lower than the appraised value.
With approval of this resolution the closing on this property should take place by the end of November.
This item is now before the Village Board for consideration.
Recommended Action/Motion
I move to adopt the Resolution as presented.
(Full motion - not necessary to be read)
I move to adopt a Resolution, entitled, “RESOLUTION AUTHORIZING THE ACQUISITION OF REAL ESTATE.” For the property at 9401 159th Street, subject to Village Attorney review.