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Archive for the ‘Real Estate’ Category

1.24.22 Agenda

Our Village Board of Trustees meets tomorrow evening at 6:30 PM.  Some of the topics on their agenda include:

  • [Vote] An Ordinance Granting an Amendment to an Existing Special Use Permit to Allow an Addition to Countryside Elementary School, 205 W. County Line Road Ordinance 22 –
  • [Vote] A Resolution Adopting an Intergovernmental Agreement with the Cook County Assessor’s Office to Facilitate Access to GIS Data Resolution 22 –
  • [Vote] Plan Commission Appointment: Maggie Topping, term expires 2024

A copy of their agenda can be viewed and downloaded here.

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BOT 12.14.21

Our Village Board of Trustees meets this evening at 6:30 PM.  Some of the topics on their agenda include:

  • [Vote] An Ordinance for the Levy and Assessment of Taxes for the Fiscal Year Beginning January 1, 2021 and Ending December 31, 2021 Ordinance 21 –
  • [Vote] An Ordinance Amending Driveway Permit and Design Regulations as set Forth in Title 10 of the Village’s Municipal Code Ordinance 21 –
  • [Vote] An Ordinance Amending Sections 5-2-1, 5-3-9, 5-3-13, 5-5-2 and 5-5-11 of the Village’s Zoning Regulations Ordinance 21 –
  • [Vote] An Ordinance Granting an Amendment to an Existing Special Use Permit to Allow an Addition to Countryside Elementary School, 205 W. County Line Road Ordinance 21 – (72 Hours after the ZBA approved it)
  • [Vote] An Ordinance Adding Requirements for Road Access Permits Amending Title 4, Building Regulations of the Village’s Municipal Code Ordinance 21 –
  • [Vote] An Ordinance Approving a Final Plat of Re-subdivision: Shah Consolidation: 41 & 45 Hawthorne Lane Ordinance 21- (48 Hours after the PC approved it)
  • [Vote] A Resolution Approving the Execution of an Intergovernmental Agreement (IGA) for Maintenance with Cuba Township Road District
    Resolution 21 –

It bears mentioning that two of the items the BOT may be voting on tonight were approved just this week by the Zoning Board of Appeals and the Plan Commission.  Since audio recordings and minutes are not yet available from these two meetings, the board members will not have the support of that documentation if votes occur.

The complete 179-page agenda can be viewed and downloaded here.

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Sears

The 2.4-million-square-foot headquarters developed by Sears in Hoffman Estates 30 ago, as well as 120 surrounding acres, is planned to be put on the market in early 2022, according to village officials.

The company born from the bankruptcy of Sears has informed the village of Hoffman Estates that it intends to put its corporate headquarters and 120 surrounding acres in the Northwest suburb on the market at the start of the new year.

The announcement comes only a month after Transformco closed its last Sears department store in Illinois, at Woodfield Mall in Schaumburg.

Transformco representatives did not immediately respond to a request for comment Tuesday, but Hoffman Estates officials said the company has not indicated what the sale would mean for its presence in the village.

Since its move from Chicago 30 years ago, Sears’ corporate headquarters has consisted of seven interconnected office buildings totaling 2.4 million square feet in western Hoffman Estates. Transformco also owns 120 undeveloped acres around the headquarters.

Hoffman Estates Mayor Bill McLeod and Village Manager Eric Palm said Tuesday that Transformco informed them Monday of plans to list its property for sale after the first of the year.

“Everything that they own would be part of that listing,” Palm said.

McLeod said a change of ownership for the struggling property would likely be positive news.

Read more here.

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Whether you associate log cabins with American presidents, childhood toys, or general coziness, here are five Chicago-area cabins for sale.

01_62ESurrey_57_FrontView_HiRes

62 East Surrey Lane in Barrington Hills (listed for sale in 2016) is referenced by Chicago Magazine in their current article.

Whether it’s the idea of craftsmanship in our mass-produced world or getting in tune with nature, many of us have a romanticized view of living in a log cabin in the woods or near a lake. But log homes in the Chicagoland area? You’d be surprised to learn there are a number of them, whether in Barrington Hills or Highland Park or the five currently for sale below. Although this type of construction goes back to the Bronze Age, many Americans associate log cabins with the country’s humble origins (seven U.S. presidents were born in one). These homes can also take you back to childhood, when you may have played with Lincoln Logs, invented by architect Frank Lloyd Wright’s son John in Chicago in 1916. These log homes seem perfect as we get closer to the colder months of winter when we’re all stuck inside with cabin fever.

Read more from Chicago Magazine here.

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Cary Metra

A Chicago-bound Metra train pulls into the Cary Metra station after a dedication ceremony for the station on Wednesday, Nov. 6, 2019. (Ryan Rayburn)

The village of Cary is on track to buy the Union Pacific commuter station and surrounding property in its downtown after its Village Board approved an agreement with Metra facilitating the sale earlier this month, Village Administrator Jake Rife said Thursday.

The Nov. 2 approval came after Union Pacific notified Metra in September that it had entered into an agreement with an unnamed developer to sell some or all of its 41 train station properties. In a letter Metra sent to affected municipalities, the Chicago region commuter rail system said these stations would be sold for about $50.9 million in total.

However, Metra said, the developer still could choose not to buy individual stations.

Metra has right of first refusal to buy the train station properties from Union Pacific, but it doesn’t want them, as previously reported by the Northwest Herald. Instead, Metra offered to buy train station properties from Union Pacific on municipalities’ behalf and transfer the property title to the villages and cities.

For Cary, the total purchase price of the property at 100 West Main St. would be $845,300, with the village putting an initial earnest deposit amount of $10,000 down ahead of a feasibility review.

During this yearlong review period, Cary officials could choose not buy the property and would receive a refund of the $10,000.

Read more here.

Related :Crystal Lake to buy downtown train station property through Metra deal (Will Barrington/BACOG?)

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CRG Residental

This rendering shows one of the six apartment buildings CRG Residential is proposing for the northwest corner of Higgins and Old Sutton roads as part of the Plum Farms development in Hoffman Estates. This building closest to the corner would be among those also including some ground-floor retail space.

Hoffman Estates officials expressed informal support Monday for a six-building apartment complex with some retail space to kick off construction of the long-delayed Plum Farms development at the northwest corner of Higgins Road and Route 59.

But they also urged developers to keep aware of the floodplain that overlaps the sprawling property during installation of underground utilities as well as surface construction.

CRG Residential of Carmel, Indiana, sought the courtesy review from the village board’s planning, building and zoning committee for 310 apartments spread among the six buildings specifically on the tax-increment finance district at the northwest corner of Higgins and Old Sutton roads.

Three of the buildings would be three stories, while the other three would be four stories. The ground floors of some of the buildings would also provide commercial space totaling about 14,000 square feet, including at the corner itself.

Representatives of CRG Residential suggested that commercial space might find such uses as an eatery or coffee shop as well as a medical or dental office.

The current owners of the 185 acres that make up the Plum Farms development also have plans for a self-storage facility along the railroad tracks at the western edge of the property.

Read more here.

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CL Purchase

Commuters exit a westbound Metra train from the Chicago direction on Wednesday, March 11, 2020, in Crystal Lake. (Matthew Apgar – mapgar@shawmedia)

The Crystal Lake City Council approved Tuesday the purchase of the 1.8-acre downtown train station and its surrounding property through an intergovernmental agreement with Metra, the result of the Union Pacific’s intention to sell this and other commuter stations on the line.

Union Pacific notified Metra that it had entered into an agreement with an unnamed developer to sell some or all of the 41 train station properties for about $50.9 million, Metra said in a letter to affected municipalities.

Metra has the right of first refusal to purchase the property but doesn’t want it, Crystal Lake city staff said, so instead, the Chicago region commuter rail system offered to buy the train station from Union Pacific on the city’s behalf and transfer the property title to the city of Crystal Lake.

The city of Crystal Lake decided to buy the property because “it’s an important part of the downtown” and city staff recommended it as a good opportunity, Assistant City Manager Eric Helm said.

“The location and the asking price for the property were all very attractive,” Helm said.

No plans are in the works for any changes to the property, Helm said. Crystal Lake, which has a lease with Union Pacific, currently handles minor maintenance items for the station. Helm doesn’t see this changing with the city’s purchase.

Read more here.

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Union Pacific, which owns the parcel, plans on selling it, but Metra has first right of refusal

CL Metra

The Crystal Lake City Council will vote Tuesday, Nov. 2, 2021, on whether to enter into an intergovernmental agreement with Metra to purchase the downtown train station property. (Crystal Lake City Council records)

The Crystal Lake City Council is set to vote Tuesday on whether it wants to enter into an agreement with Metra to buy property around the downtown train station property that Union Pacific is looking to sell.

Although Metra has the first refusal to purchase the property, it does not want to, according to city staff. The Chicago region commuter rail system has offered to buy the 1.8-acre parcel from Union Pacific on the city’s behalf and transfer the property title to Crystal Lake through an intergovernmental agreement.

Cities like Crystal Lake impacted by Union Pacific’s sale plans have until Nov. 12 to approve agreements with Metra, Metra’s director of real estate and contract management, Anthony Ognibene, said in a letter to municipalities.

This offer was given to other municipalities along Union Pacific’s Northwest line as well.

Union Pacific notified Metra that it had entered into a master agreement with an unnamed developer to sell some or all of the 41 train station properties for about $50.9 million, Metra said in the letter. The developer can still choose not to purchase individual stations, according to the letter.

McHenry County stations affected include Crystal Lake’s downtown station as well as the ones in Cary, Woodstock, Harvard, McHenry and Fox River Grove.

Read more here.

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FRG

Village and city officials in McHenry County are evaluating their options after being notified that the Union Pacific Railroad is looking to sell the land surrounding a number of its northern Illinois commuter stations.

In a letter to municipal officials, Metra said Union Pacific sent the commuter railway a notice that it had entered into a master agreement with an unnamed developer to sell some or all of the 41 train station properties for about $50.9 million.

“While it reflects a master contract for 41 stations, the notice is clear that the developer may elect to not purchase individual stations,” Metra said in the letter.

McHenry County stations that could be affected are in Crystal Lake, Cary, Woodstock, Harvard and McHenry and Fox River Grove.

Metra is willing to enter into an intergovernmental agreement with municipalities to purchase the station and transfer ownership back to the town, Anthony Ognibene, director of real estate and contract management for Metra, said in the letter. The municipality would have to finance the cost of the acquisition.

“Please be aware that time is critical,” Ognibene wrote, noting that municipalities would need to enter into the intergovernmental agreement before Nov. 12.

Right now, Crystal Lake is evaluating the information it received from Metra and weighing the city’s options, Crystal Lake Assistant City Manager Eric Helm said.

“We recently received the information,” Helm said.

Read more here.

Related:Mount Prospect train station, dozens more could be sold

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Metra

Metra’s proposing a $900 million budget for 2022 that would bring train service back to 2019 levels.

Metra’s $900 million proposed budget for 2022 is a balancing act as leaders lean on federal aid to bring service back to pre-COVID-19 levels on all lines in hopes of reclaiming the absent passengers who have decimated revenues.

The tentative budget, approved for release by Metra directors Wednesday, increases spending by 12.5% from the $800 million 2021 fiscal plan. In comparison, Metra’s original budget for 2020 was $827.4 million, although projections changed because of the pandemic, and the 2019 budget was $822 million.

There will be no fare increases, officials said.

The $100 million extra will be used to fill vacant jobs, offset inflation, and run more trains, which are at about 80% of 2019 numbers. The railroad had cut multiple trains as the pandemic surged in spring 2020.

The agency intends to reduce the time a 10-ride pass is valid from one year after date of purchase to 90 days, effective Feb. 1, 2022. Similarly, one-way tickets will expire in 14 days instead of 90 days.

Read more here.

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