Title/Name/Summary
8801 143rd Street - Purchase and Sale Contract
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 Village has considered purchase of the property to create a fieldhouse or recreational building on the east side of the Village. The Village became aware that the property was being listed for sale and began negotiations with the existing property owner. The Village’s Engineering Department has contracted and completed due diligence on the site.
The Village is in the process of completing a feasibility study to evaluate the Village’s recreational offerings at its existing facilities and ensuring programming at a new facility would complement and enhance, not duplicate, existing services. The Village is pursuing the purchase of the property now so the Village can maintain control of the property while the feasibility study is being completed. The feasibility study will give guidance to the Village’s next steps.
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. In addition to the sale price the property owner has asked that a previous $18,000 fine for removal of trees without a permit be waived. The Village has agreed to this term to help facilitate the sale of the property. This has been included in pur...
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