Cook County EDA hires broker, retains manager as it prepares Superior National golf course for sale

The Cook County Economic Development Authority on Jan. 21 approved a set of agreements to continue daily management of Superior National at Lutzen and to hire an exclusive broker to market the golf course for sale.

The actions approved included employment agreements for course staff, a professional services contract to retain Mike Larson to oversee daily operations and FEMA correspondence for the course, a second contract to make Larson the EDA’s liaison for the sale process, and an exclusive brokerage agreement with SVN Northco to handle marketing and offers.

Why it matters: The EDA is moving from internal management toward a market sale while keeping operational oversight in place. Commissioners said retaining a manager and an experienced broker is intended to protect the EDA’s financial exposure during the sale and to allow staff to focus on other economic-development work.

The EDA’s selection process: Commissioners said the broker selection followed an RFP that drew four proposals. A three-member review panel scored firms on experience with government sellers, cost and other factors and recommended SVN Northco. The brokerage engagement approved by the EDA is exclusive and includes a 6% commission with a minimum commission of $200,000.

Financial context and stipulations: Commissioners discussed valuation ranges presented in proposals, saying they ranged “about $1.5 million to just a little bit north of $2 million,” and emphasized that the marketplace ultimately will set the sale price. They also asked staff to return to the EDA in February with a draft listing agreement that includes any seller stipulations the commission may want — for example, requirements that the property remain a publicly accessible golf course for a specified number of years. The EDA also discussed outstanding bond obligations tied to the property; one commissioner said earlier figures suggested approximately $1.6 million remained but recommended verifying current balances before closing.

Operational continuity: The EDA approved employment agreements for named course staff and a professional services agreement for Mike Larson to provide day-to-day oversight. Separately, the EDA approved a supplemental agreement making Larson the EDA’s liaison for the sale to “protect the EDA and the EDA’s activities,” in the words of the meeting discussion, and to keep the executive director focused on broader economic-development work.

Next steps and decision points: The EDA directed staff to bring a draft exclusive brokerage agreement and proposed sale stipulations to the Feb. 2025 meeting for formal review. Commissioners noted the seller also must consider existing land covenants and a right-of-first-refusal that may involve a private party (referred to in the meeting as the Nelson family), and they said any such title or covenant issues would be resolved before a sale is finalized. Commissioners also acknowledged the EDA can reject offers that do not meet financial or covenant conditions.

Formal outcomes: The four related resolutions concerning employment agreements, day-to-day services, the sale liaison and exclusive brokerage passed by voice vote during the Jan. 21 meeting.

Taper: Staff will prepare and circulate the draft listing agreement and proposed stipulations ahead of the February meeting so commissioners can review recommended protective terms and confirm final financial calculations before marketing begins.