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Who to Ride With, Where to Ride
ESPY Park in Pekin, IL
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[QUOTE="karterron, post: 569599, member: 29122"] Wardy would be the man to consult with on something like this. The fact that they are going Bankrupt actually muddies up the picture and makes things more difficult. With Bankruptcy you are no longer dealing with the owner or creditors, you are now having to get a Judge to sign off on the deal. With the homes that are already south of the track I could easily see 10k an acre. That is very low for residential land considering it would be 5 to 10 times more than that in the burbs. I'm in Oswego and the nearest town to buy a buildable lot is Yorkville and they go for 80k for a lot. That is a 1/4 to 1/3 lot. Yorkville is about as bfe as you can get for a Chicago suburb also so that 10k estimate is very low for a developer. I may be wrong, but I seem to recall an asking price on this place over 2 million. I'm going from memory and it may not have been this track. I think Wardy or someone posted a long time ago about anyone wanting to buy a track and a link. Wardy or Nikki, do you guys recall this? I also would not do something like this with 200 equal partners. Hell I wouldn't do something like this with 3 partners. Investors yes, something along the lines of give 1k and you have lifetime privelages or something. But equal partners, you would never get an agreement on anything. I would set it up to where the OHV money would be gravy IF it happened, not rely on it as a condition of opening the place up. I think you are starting to see the difficulties in these types of things and why we are losing places to ride. Land values are rising much faster than a track or riding area's ability to generate the necessary income to stay in business. [/QUOTE]
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Who to Ride With, Where to Ride
ESPY Park in Pekin, IL
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