Spring Creek Lakes Business Park

Property description and history: The Property being offered consists of 259.1 acres (“Property”) and  is located in the northern portion of a Class A Industrial Campus.  The Property is located in the City of Loves Park, Illinois with utilities available at the property line.  An off-site master detention basin is available to accommodate drainage from the southern 84 acres of the total 259.1 acres comprising the Property. The Property has direct vehicle access to dedicated public roadways to the north, east, and south including Interstate Blvd. which is a newly constructed industrial grade public roadway providing access to the southern boundary of the Property.  Full interchange access to Interstate 90/Interstate 39 is approximately one mile to the south of the Property at Riverside Boulevard. The property is currently farmed on a year-to-year farm lease.
               II. Description of Property ownership and management: The Property is owned and managed by entities affiliated with Spring Creek Partners, a fourth generation family office.  Complete operating company history available at www.SpringCreekPartners.com.
               III. Description of the Property’s current environmental condition: There are no known environmental conditions with the Property. The Property is currently farmed on a year to year lease and has never been developed.
               IV. Description of the Property’s current zoning classification, including list of allowable uses: The Property is zoned “IL light industrial district” under the City of Loves Park Zoning Ordinance. The Property was annexed to the City in two separate annexations with annexation agreements. The permitted uses allowed in the light industrial district under the Zoning Ordinance was expanded for the Property by the annexation agreements to include more industrial uses, including but not limited to, wholesale, distribution, and warehouse facilities; freight terminals, including packaging and crating; freight forwarding terminals; and a variety of distribution type uses. A copy of Section 102-188 of the City of Loves Park Zoning Ordinance setting forth the permitted uses allowed in the light industrial district will be provided upon request. The 2011 and the 2014 annexation agreements covering the property where in Sections 5.1.2 and 3.1.2 respectively the additional permitted uses for the Property are outlined can be provided upon request.
               V. Description of any deed restrictions and/or restrictive covenants. 
(1) The developed portion of the industrial campus where the Property is located is the Spring Creek Lakes Business Park and is subject to the Declaration of Covenants, Conditions, Restrictions, and Easements for Spring Creek Lakes Business Park (“DCCR”) . As property is developed in the industrial campus the newly developed property is added to the Spring Creek Lakes Business Park. As part of the platting of the Property, the Property will be added to the Spring Creek Lakes Business Park and subject to the DCCR. A copy of the DCCR is attached.
(2) The Property and adjacent industrial and commercial retail property is subject to a Declaration of Restrictive Covenant for the benefit of Costco Wholesale Corporation’s (“Costco”) retail operations in the retail subdivision to the south of the industrial campus where the Property is located. The restrictions are intended to protect Costco’s nearby retail operations and prohibits wholesale or retail general merchandise facilities similar to Costco’s merchandising concept, grocery or supermarket over 32,000 square feet, alcohol sales, Wal-Mart, or uses that support a facility operating as a grocery store, alcoholic beverage retailer, or a Wal-Mart. A copy of the Costco Restrictive Covenants will be provided upon request.
Taxes. 
The Property currently consists of nine separate tax parcels. The Property is currently assessed for real estate taxes based on its current use as agricultural. The total 2021 tax obligation for the Property is $11,712.68.  The individual tax parcel number (Property Identification Number or PIN) and 2021 tax bill for each PIN are as follows:
PIN
2021 Real Estate Tax Amount
08-25-300-006
$2,979.92
08-36-100-001
$264.36
08-36-100-008
$653.66
08-36-100-010
$322.92
08-36-100-012
$2,842.68
08-36-100-011
$806.24
08-36-300-025
$451.24
08-36-100-006
$2,267.14
08-36-300-026
$1,124.52
TOTAL
$11,712.68
 Copies of the tax bill information for each of the separate tax parcels will be provided upon request. Once the Property is platted for development, the current tax parcels will be terminated, and new tax parcels will be created for the lot or lots created by the subdivision plat.
Property Fees. 
               The Property will be subject to the DCCR referenced in Section 3.V.(1) above. There are no fees for membership per se as all property owners in the Spring Creek Lakes Business Park are members.  The DCCR includes the Developer/Association right to assess property owners for cost of maintenance, repair, replacement of the stormwater management system at the Spring Creek Lakes Business Park. To date, there have been no assessments.
Conditions to Development of the Property.
               The City of Loves Park will require Interstate Boulevard to be extended from its current terminus, at the southern boundary of the Property, through the Property to Harlem Road located along the north boundary of the Property. The proposed path of Interstate Blvd through the Property shown on the site plan is not mandated and can be altered to accommodate development. Also, the City of Loves Park will require the Property to have at least one east-west access road to Interstate Blvd from Paulson Road located along the east boundary of the Property.
The Loves Park Water Department will require the watermain to be constructed through the Property.  The City of Loves Park has secured a $1,400,000.00 grant from the State of Illinois for construction of the watermain.
In addition, as stated in the annexation agreements, the planning and development of the Property must include the construction of one multi-use path (“Multi-Use Path”) as part of the regional trail network which path shall extend through the Property to the adjacent Roland and Gladys’ Olson Swedish Heritage Park, a Rockford Park District owned property. The assumption is that the watermain extension and the Multi-Use Path would follow the path of the extension of Interstate Blvd. through the Property.
Environmental/Condition.
               There are no known adverse environmental conditions that affect the Property. Further there are no known Property specific or nearby environmental conditions which have an impact on human health or safety. Seller will allow a right of entry to Purchaser for Property investigations subject to Purchaser’s agreement to provide evidence of customary liability insurance coverage relating to any investigations on the Property.