Title
Resolution amending and partially terminating the Cuneo Mansion and Gardens Preservations and Campus Development Agreement ("Preservation Agreement") and Intergovernmental Agreement (IGA) between the County of Lake and Village of Vernon Hills regarding the Cuneo property.
Staff Summary
* In 2015, the County of Lake, Village of Vernon Hills, and Loyola University Chicago entered into certain development agreements, including an agreement for the preservation and development of the Cuneo Mansion and Gardens.
* Despite Loyola's significant investments, the university has not been able to sustain the property without significant and ongoing financial losses.
* The Preservation Agreement contained a provision anticipating that Loyola might transfer the Cuneo Mansion and Gardens, known as "Lot 129," to Vernon Hills for $1. Loyola and the Village have entered an agreement to complete such a transfer, with the parties currently in a due-diligence period and a closing expected in January 2026.
* As part of this transfer, the Village has asked the County to amend certain provisions of the IGA and Preservation Agreement that relate to Lot 129. The County has agreed to changes in these agreements, which relate solely to the property's historic preservation and pertain almost exclusively to the secondary oversight role the County obtained through these agreements. At all times, Vernon Hills maintained the primary role in overseeing the historic preservations aspects of the agreements.
* With these amendments, Loyola will be released from future obligations regarding the property, and the Village, after the closing on the property, will assume ownership of Lot 129.
Body
RESOLUTION
WHEREAS, in 2015, the County of Lake ("County"), Village of Vernon Hills ("Village"), and Loyola University Chicago ("Loyola") entered into an agreement for the preservation and development of the Cuneo Mansion and Gardens. Despite significant investments by Loyola, the property has not b...
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