Walnut Acres For Sale?

On June 29, the Stephenson County Board took action outside of executive session on a motion to approve a letter of intent for the sale of Walnut Acres.

In commercial real estate, a letter of intent is a preliminary agreement that is negotiated between a purchaser and a seller. They are intended to outline the most important items that both parties can evaluate in order to decide if each wants to proceed to an official contract.

The approved letter of intent is a non-binding negotiation, prior to moving to an official contract. The letter of intent starts the process for the potential pur...