Title/Name/Summary
17193 Wolf Road - Purchase and Sale Agreement Resolution
History
The Village has been working with the property owner to acquire the property at 17193 Wolf Road, PIN: 27-29-300-048.The property is approximately 2.69 acres on the east side of Wolf Road directly south of the 17171 Wolf Road, recently acquired by the Village. 17193 Wolf Road is currently vacant and has floodplain and wetland. Once the purchase is complete, the Village will incorporate this property into the Marley Creek Basin stormwater improvements which are currently being designed.
The Village had the property appraised in April 2026. The appraisal reported $295,000 as the value of the property. The owner of the land has agreed to sell the Village the property at this price. The Village will have a 60-day due diligence period after the contract is executed. During this due diligence the Village will have the right to enter the property to perform physical inspections of the environmental condition of the property. If after the Village’s due diligence, the Village, at its sole option may terminate the contract by providing the seller the appropriate notice. The closing will take place 30 days after the expiration of the due diligence period.
The full contract is attached for review.
This item is now before the Village Board for consideration.
Recommended Action/Motion
I move to adopt a Resolution entitled, “RESOLUTION AUTHORIZING THE ACQUISITION OF REAL ESTATE.” For the property at 17193 Wolf Road, subject to Village Attorney review.
AND
Move to authorize the Village Manager to execute the purchase and sale contract for 17193 Wolf Road, subject to Village Attorney review.