Council approves sale of city property to PharmaScripts with added deadlines for due diligence and project schedule
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Summary
After extended questioning about financing and construction timelines, councilmembers approved an ordinance authorizing a purchase-and-sale agreement with PharmaScripts, Illinois, Incorporated, adding a 30-day due-diligence window and a requirement that the buyer submit a project schedule within 30 days of execution.
The Blue Island City Council on Feb. 10 voted to approve an ordinance authorizing a purchase-and-sale agreement between the city and PharmaScripts, Illinois, Incorporated, for a city-owned parcel (discussed in the meeting as a $1 sale). Council scrutiny focused on proof of financing, required documentation, and project timing.
City staff and the city attorney told aldermen the agreement, as amended, adds a defined 30-day due-diligence period and requires PharmaScripts to provide a project schedule no later than 30 days after execution (identified in discussion as section 3.06). Several aldermen asked whether the agreement should also include firm deadlines for construction start and completion; examples discussed included six months for submission of plans and one year for construction, and staff noted the agreement already contains a three-year completion requirement referenced in section 3.13.
Council members repeatedly asked whether the city had received proof of financing and when construction would start. Staff indicated they had seen preliminary materials in the building department but no final proof-of-financing package in hand; the agreement requires financing documentation as part of the buyer's obligations. Aldermen emphasized that if the schedule provided is not agreeable, the city would not move forward with closing.
An exchange during debate emphasized municipal permitting limits: the building department and permitting processes constrain unrealistic multi-year construction timelines, and the city will not approve plans that propose impractical durations.
The ordinance passed as amended. City staff recorded that follow-up will include verification of the buyer's financing documentation and review of the submitted project schedule before any closing.
No further terms or financing documents were posted to the meeting record; city attorneys will work with staff to confirm compliance with the added timeline provisions before closing.