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PROPOSED MISCELLANEOUS ITEM OF BUSINESS
Department: Department of Real Estate Management
Summary: Requesting approval of a Purchase and Sale Agreement between Cook County and Klairmont Family Associates, LP., an Illinois limited partnership, that will allow the County to purchase 225,000 rentable square foot, 13 story property located at 1701 S. 1st Avenue in Maywood, IL.
In February of 2025, the Bureau of Finance (BOF) introduced the "Revenue Resiliency Initiative" (RRI), which was created to identify impactful opportunities that focus on (1.) Revenue Generation, (2.) Asset Maximization, and (3.) Cost Optimization. As a member of the RRI, the Bureau of Asset Management (BAM) has identified several opportunities at this property, and through its Department of Real Estate Management, has developed and would like to begin implementing its Real Estate Acquisition Strategy.
Primary Impact Factors:
* Using various appraisal methods, provides the opportunity to assess and leverage asset values
* Generates revenue from third-party leasehold interests
* Significantly reduces operating expenses, through real estate property tax exemption
* Significantly reduces the County's leasehold expenditure in third-party owned real estate assets by providing opportunities to redirect funds, to implement cost avoidance measures, or to reinvest in County-owned assets
* Capital investment will enhance the value of County owned assets
* Strategic utilization and management of the County's real estate portfolio
* Current market conditions provide the opportunity to acquire real estate at historically low values
The details are as follows:
Seller: Klairmont Family Associates, LP., an Illinois limited partnership
Purchaser: County of Cook
Location: 1701 S. 1st Avenue, Maywood, IL.
Fiscal Impact: $11,065,500.00 (including closing costs and commissions)
Account String: 11569.1031.11190.560305.00000.00000 (Capital Improvement Program)
Upon Board approval of the pr...
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