MOTION FOR BOARD MEETING OF AUGUST 8, 2019 CONTINUED ON AUGUST 9, 2019
Title
MOTION to amend File No. 19-0785 (Agenda Item No. 70): Authority to advertise Contract 19-365-11 for public tender of bids a 99-year lease on 44.61 acres of District real estate located south of the Cal-Sag Channel between Cicero Avenue and Kostner Avenue in Crestwood, Illinois; Cal-Sag Channel Parcels 12.05, 12.07 and 12.08.
Body
I hereby move to amend File No. 19-0785 Agenda Item No. 70 by amending the following paragraphs:
The first paragraph on page 2 shall be amended as follows:
It is recommended that the subject real estate’s fair market value be based upon the highest of the three appraisals and established at $12,625,000.00, and that the minimum initial annual rental bid be established at 6.5% of the property’s fair market value or $820,625.00.
Paragraph numbers 2 and 3 on page 2 shall be amended as follows:
2. The fair market value of the 44.61 acres of real estate be established at $12,625,000.00 and that the minimum initial annual rental be established at 6.5% thereof or $820,625.00.
3. The Director of Procurement and Materials Management be authorized to advertise said 44.61 acres of real estate as available for lease for a term of ninety nine (99) years at the minimum initial annual rental bid of $820,625.00, and report the results of the bidding to the Board of Commissioners for further action.
The last sentence of the last paragraph on page 2 shall be amended as follows:
The minimum initial annual rental bid shall be established at $820,625.00.
Dated: August 9, 2019
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Commissioner