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Foundation in talks to buy back Barat College; Matches developer's offer to buy historic campus from DePaul.(Barat Education Foundation)(DePaul University)
Crain's Chicago Business, September, 2005 by Mullman, Jeremy
Byline: JEREMY MULLMAN The Barat Education Foundation is moving to repurchase the former campus of Barat College from DePaul University. People close to the situation say the foundation moved to acquire the Lake Forest property by matching an $18.5-million bid from Highland Park-based Pickus Cos., which planned to convert the 23-acre site to residential use.
"The foundation exercised its right of first refusal,'' says Lake Forest Mayor S. Michael Rummel, who saw a copy of a letter from the foundation informing DePaul of its intention to match the offer, but isn't familiar with the terms of the foundation's bid. The foundation negotiated the right of first refusal when DePaul purchased the Barat campus in 2001 for $6 million. Despite pumping another $16...
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