Online bidding registration must be complete 24hrs prior to the live event.
Property Description
SOLAR LEASE and SOLAR LEASE OPTIONS IN PLACE - PHASE 2
Excellent Investment Opportunity
FARMLAND AUCTION
+/- 286.37 Acres, 7 Tracts
Akron and Hallock Twp. Peoria County, IL.
Auction Time & Date:
10 AM, Wednesday, December 13th
Auction Location:
Holiday Inn
7601 N. Orange Prairie Road, Peoria, IL 61615
In Person Public Auction with Online Internet Bidding.
Pre Bidding begins Monday December 11th, 2023 at 8:00 AM closing Wednesday at the close of the live event.
MULTI PARCEL, 7 TRACT AUCTION
Class A SOILS
2024 Open Farm Tenancy
Solar Lease and Solar Lease Options
Excellent Investment Opportunity
Farm Location Address:
Located south of 19709 N STATE ROUTE 40, EDELSTEIN, IL, 61526
+/- 286.37 acres consisting of +/- 138.43 acres located in part of section 24, T11N R7E Akron, Twp.
and +/- 147.94 acres located in part of section 19, T11N R8E Hallock Twp. Peoria County, IL.
T1 and T7 includes an Option to Lease for a solar project in late-stage development. All zoning and special use permits for the solar project have been completed, and the developer has started the building permit plan set. The solar developer expects to exercise the Option and commence the Lease in Spring 2024, at which point construction of the solar project would commence and regular rent payments pursuant to the lease will be payable to the property owner.
T1: +/- 49.68 Acres, 140.0 PI. Discretionary Solar Lease Option Permitting in place - Phase 2.
Site 1: Minimum payment once final construction is completed will be $30,000 per year with a 2% annual increase.
Lease option contracts available upon request. See attached T1 site plan maps.
Site 2: Minimum payment once final construction is completed will be $30,000 per year with a 2% annual increase.
Lease option contracts available upon request. See attached T1 site plan maps.
Part of section 24, T11N R8E Akron TWP. Parcel ID: 0324200002; Estimated Real Estate Tax: $2,643.46
T2: +/- 50.00 Acres, 139.5 PI.
Part of section 24, T11N R7E Akron TWP. Parcel ID: 0324200003; Estimated Real Estate Tax: $2,659.44
T3: +/- 38.75 Acres, 139.5 PI.
Part of section 24, T11N R7E Akron TWP. Parcel ID: 0324426001; Estimated Real Estate Tax: $1,909.42
T4: +/- 74.94 Acres, 132.4 PI.
Part of section 19, T11N R8E Hallock TWP. Parcel IDs: 0419100001; 72.95 Acres, and 0419100004; 2.00 Acres.
Estimated Real Estate Tax: $ 3,206.46
T5: +/- 33.00 Acres, 131.8 PI.
Part of section 19, T11N R8E Hallock TWP. Parcel ID: 0419100005; Estimated Real Estate Tax: $1,389.66
T6: +/- 19.83 Acres, 131.8 PI. Solar Farm Lease. The next payment payable in August 2024 to the new owner will be $21,224.16.
Part of section 19, T11N R8E Hallock TWP. Parcel ID: 0419100016; Estimated Real Estate Tax: Paid by lease holder. 20-year solar lease with a 2% increase per year, signed in 2020, with two, 5-year extension options. The first payment was made in August 2021, and last payment will be August 2040.
T7: +/- 20.17 Acres, 133.7 PI. Discretionary Solar Lease Option Permitting in place - Phase 2.
Minimum payment once final construction is completed will be $30,000 per yr with a 2% annual increase.
Lease option contracts available upon request.
Part of section 19, T11N R8E Hallock TWP. Parcel ID: 0419100012; Estimated Real Estate Tax: $ 930.92.
Travis M. Selby
Land Broker and Auctioneer # 441001485
217.304.1686 cell
Auction Terms and Conditions:
Procedure: The farm will be offered as 7 individual tracts, any combination of tracts and as a total of +/- 286.36 acres. There will be open bidding on all tracts and combinations during the auction. The auction will be conducted publicly with online bidding available for pre-registered online bidders. Bidding shall remain open until the auctioneer announces bidding closed.
BIDDING IS NOT CONDITIONAL UPON FINANCING.
Acceptance of Bid Prices/Contracts: All successful bidders will sign a sale contract at the auction site immediately following the close of the bidding.
Down Payment: A 10% earnest money deposit of the total contract purchase price will be due immediately after being declared the buyer. The down payment may be paid in the form of a personal check, business check, or cashiers check. The balance of the contract purchase price is due at closing.
Closing: Closing shall take place 41 days after auction day, or as soon thereafter as applicable closing documents are completed.
The anticipated closing date shall be Tuesday, January 22nd, 2023.
Possession: Possession will be given at closing. Open tenancy for 2024 crop year.
Survey: A new survey shall not be provided, and the sale shall not be subject to a survey. The farm tracts will be sold per deeded acre.
Title: Sellers shall provide an Owners Policy of Title Insurance in the amount of the purchase price and shall execute a warranty deed conveying to the buyer(s). Sellers shall pay the premium for the Title Insurance Policy and the sellers search charges. Commitments for Title Insurance will be available for review at the office of the auctioneer and at the auction site. Bidders shall be deemed to have reviewed and approved the Title Commitments by submitting bids.
Real Estate Taxes and Assessments: Buyer shall receive a tax credit from seller at closing for the 2023 real estate tax due and payable in 2024 in the amount of:
T1: $2,643.46; T2: $2,659.44; T3: $1,909.42; T4: $3,206.46; T5: $1,389.66; T6:Paid by lease Holder; T7: $930.92.
The buyer shall be responsible for paying 100% of the 2023 real estate tax due and payable in 2024.
Mineral Rights: The sale of the property shall include all mineral rights owned by the seller.
Agency: Ag Exchange Inc. and their representatives are exclusive agents of the Seller.
Disclaimer and Absence of Warranties: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the sales contract.
ANNOUNCEMENTS MADE BY THE AUCTIONEER AT THE AUCTION PODIUM DURING THE TIME OF THE SALE WILL TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE.
The property is being sold on an as is basis, and no warranty or representation either expressed or implied, concerning the condition of the property is made by the seller or the auction company. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning this property. The information contained in this brochure is believed to be accurate but is subject to verification by all parties relying on it. No liability for its accuracy, errors or omissions is assumed by the sellers or the auction company. All sketches and dimensions in this brochure are approximate. Photographs are used for illustrative purposes only. Conduct at the auction and increments of the bidding are at the discretion of the auctioneer. The sellers and the auction company reserve the right to preclude any person from bidding and to remove any person from the auction if there is any question as to the persons credentials, fitness, conduct, etc. All decisions of the auctioneer are final.
Seller: HAKES FARMING, LLC.
