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PROPOSED MISCELLANEOUS ITEM OF BUSINESS
Department: Department of Real Estate Management
Summary: Requesting approval of a Purchase and Exchange Agreement between Cook County and the Illinois Medical District Commission (IMDC). Cook County will exchange its property, located at 2121 W. Harrison Street (the current medical examiner’s office), which is a 2.46-acre, improved site, for the IMDC’s 3.67-acre, flat surface site, located at 701 S. Leavitt.
The exchange will enable Cook County to construct a larger, state-of-the-art, Medical Examiner’s Office, while remaining in its current location, until the new facility is constructed, within the IMD. The details are provided below:
Exchange Partner: Illinois Medical District Commission
Exchange Partner: County of Cook
Exchanged Properties: 701 S. Leavitt Street, and 2121 W. Harrison Ave., Chicago, IL
Fiscal Impact: $3,986,382.00
Account String: 11569.1031.11190.560305.00000.00000 (Capital Improvement Program)
Upon Board approval of the proposed Purchase and Exchange Agreement, the approval shall include the following authorizations:
(i) For the Real Estate Director to execute any and all notices; and
(ii) For the President or the Real Estate Director to execute any and all documents and instruments and to take such other action, as may be necessary to effectuate the purchase of the parcel.
(iii) For the Comptroller to pay the agreed upon purchase price, per the purchase and sale agreement, as well as any fees/closing costs that are outlined in the purchase and sale agreement.
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