The three tracts are all tillable, excluding the roads and waterways (Tract 3). The soils are considered productive and well-suited for intensive row crop production. All tracts are easily accessible by all-weather roads.
Tract 1 is 37.22 taxable acres with 32.8 tillable acres located 2 miles West of Rankin bordered by State route 9 on the north boundary and County Road 70E on the west side. The primary soils are Clarence and Rowe Silty Clay Loam. Real Estate taxes for 2023 paid in 2024 were $28.31 per acre. This tract has easy access and has multiple market outlets for grain production.
Tract 2 & 3 are being separated from a larger 120 acres tract with tract 2 containing 40 acres and tract 3 containing 80 acres. Tillable acres for both tracts total 111.34 acres, however the tillable acres will need to be reconstituted to allocate between the two tracts. These two tracts are located 4 miles south of Rankin and 1/2 mile east of route 49 with the north boundary lying on the south side of county road 3700 North. Real Estate Taxes for 2023 paid in 2024 were $35.59 per acre. County road 3700N provides good access to both tracts with County Road 370 E bordering the East side of tract 3. Access to these two tracts is very good. Local grain markets are very competitive providing good market outlets for grain production.
Soils:
Tract 1
Primary soils are Clarence Silty Clay Loam and Rowe Silty Clay Loan on 0-2% slopes.
Tract 2 & 3
Primary soils are Bryce silty clay and Mokena Silt Loam on 0-2% slopes with minor influences from Swygert Silty Clay Loam and Mohr Silt Loam
Soil Test:
Soil tests were conducted on Tract 1 in the fall of 2022, showing P1 = 60, K1 = 321, and pH = 6.7. Tracts 2 and 3 were tested in the spring of 2024, Tract 2: P=46.2, K=186, pH=6.7 Tract 3: P=45.7, k=188, pH=6.8
There is a wind easement agreement on all three tracts with a planned wind turbine to be constructed on Tract 2 with Invenergy Wind Development LLC, dated December 2, 2020.
Procedure: The property will be offered as three tracts in a virtual online auction format. Bidding and livestream viewing will be available at WWW.Hiattland.bidwrangler.com. Bidding will be on a dollars per acre basis and the final purchase price will be determined by multiplying the high bid by the stated acres. Registration: All bidders are required to register at WWW.Hiattland.bidwrangler.com no later than November 12, 2024 at 12:00pm CST . Once the online registration form is filled out, it will be automatically sent to Hiatt Farmland Services for approval to allow bidding. Auction company may request a letter of recommendation from prospective bidder’s financial institution stating funds are available for the 10% deposit and that bidder has the financial capacity for final purchase.
Acceptance of Bid Prices: The successful high bidder will enter into a Contract to Purchase immediately following the close of bidding for presentation to the Seller. Final bid price is subject to approval or rejection by the Seller and may require court approval. Upon the close of the auction the winning bidder will either sign the Contract to Purchase in DocuSign or be forwarded via email or fax a contract to purchase. A signed copy of the contract must be returned and received by Hiatt Farmland Services on or before 12:00 o'clock. P.M. CST, Friday November 15, 2024 (faxed to 217-253-8646) or scanned and emailed to Russ@hiattland.com.
Down Payment: A 10% non-refundable down payment of the total contract purchase price will be due within 24 hours of the close of the auction from the winning bidder. The down payment may be paid in the form of a wire transfer, personal check, business check or cashier's check. Should the winning bidder not be approved by the Seller, the down payment shall be returned to the bidder as soon as practicable. Payment shall be made to the escrow agent to be determined at a later date. The balance of the contract purchase price is due in cash at closing. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING.
Closing: The closing shall take place on or before Friday December 13, 2024 Possession: Possession will be given at closing. Tenant rights are open for the 2025 crop year.
Title: Seller will provide a proper deed conveying merchantable title to the real estate to the successful buyer free and clear of liens as well as title policy for the amount of the purchase price.
Real estate taxes and assessment: The 2024 calendar year taxes due and payable in 2025 will be paid by the seller.
Survey: A survey of tracts 2 & 3 will be conducted at the seller's expense should the two tracts sell to different buyers of if necessary to be able to legally describe the property sufficient for transferring title of the property to the buyer. If a survey is completed for closing on this transaction the surveyed acres shall be used to determine the final selling price based on the buyer's per acre bid price time the number of acres determined by the survey.
Mineral rights: The sale shall include any and all mineral rights currently owned by the seller, if any.
Acreages: All acreages are approximate and have been estimated based on current legal descriptions, Real Estate tax documents with Vermilion County Assessor's office, FSA records and aerial mapping software. The following acres will be used for bidding purposes: Tract 1-37 acres; Tract 2- 40 acres, Tract 3-80 acres.
Easements and leases: The sale is subject to any and all easements. A wind easement agreement for the development of a wind farm is in place on all three tracts with a preliminary planned placement of a wind turbine on Tract 2. A copy of the easement agreement is posted with this listing.
Disclaimer: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the agreement to purchase. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either express or implied, concerning the property is made by the Seller or Hiatt Farmland Services. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is believed to be accurate but is subject to verification by all parties relying on it. No liability for its accuracy, errors or omissions is assumed by the Seller or Hiatt Enterprises. All sketches and dimensions in this brochure are approximate. All acreages are approximate and have been estimated based on legal descriptions or aerial photographs. Conduct at the final round of bidding and increments of bidding are at the discretion and direction of the seller's agent. The seller and Hiatt Farmland Services reserve the right to preclude any person from bidding if there is any question as to the persons credentials, fitness, etc. Under no circumstances shall bidder have any kind of claim against Hiatt Farmland Services or anyone else if the Internet service fails to work correctly before or during the auction.
Agency: Hiatt Farmland Services and its representatives are exclusive agents of the seller.
Seller: Larry Ideus Estate, Allen Ideus , Trustee
