The Flossmoor Village Board approved an ordinance May 4 authorizing the acquisition of multiple commercial parcels  from the Cook County Land Bank Authority, advancing efforts to redevelop the long-vacant office condominium complex.

The ordinance approves a term sheet outlining the village’s purchase of five office condominium units within the Flossmoor Office at 1835 Dixie Highway. The agreed purchase price for the properties is $50,000, according to the term sheet.

Under the agreement, the village will take title of the parcels and subsequently convey them to Vollmer Group LLC, a private developer that has agreed to undertake redevelopment of the site. The developer will reimburse the village for all acquisition-related costs through a previously approved escrow agreement.

According to a staff memo from Village Manager Bridget Wachtel, the action follows an earlier effort by the village in 2023 to acquire units at the property through Cook County’s no-cash-bid process. That petition was not approved, and the five units were instead acquired by the land bank.

The land bank has since indicated it is prepared to convey those parcels to the village, contingent on their eventual redevelopment.

The ordinance authorizes village officials to finalize and execute a purchase agreement with the land bank and to take all necessary steps to complete the transaction and subsequent transfer of the properties to the developer.

The properties will be sold on an “as is” basis, with the village responsible for closing costs, fees and other expenses associated with the transaction, as outlined in the term sheet.

Village officials have identified redevelopment of vacant commercial properties as a strategic priority, and the acquisition is intended to support that effort.