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PROPOSED MISCELLANEOUS ITEM OF BUSINESS
Department: Department of Real Estate Management
Summary: Requesting approval of the Purchase and Sale Agreement that will allow Cook County to purchase a 5.615 acre land parcel from the BNSF Railway Company, at a price of $18.00 psf.
The unimproved property, which is adjacent to the Department of Corrections Campus, is a critical component in the execution of the long-term strategic plans for the Cook County Sheriff’s Vehicle Maintenance Operation and the Office of the Chief Judge’s Electronic Monitoring Unit.
Seller: BNSF Railway
Purchaser: County of Cook
Location: 2501 and 2600 W. 26th Street
Fiscal Impact: $4,666,765.54
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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