Just one buyer lured by Chain O'Lakes pier rights
The Lake County Forest Preserve District likely will have to relaunch its effort to sell boat pier rights after offers during a recent two-week auction were nearly nil.
“All I can tell you is we sold one,” said Jim Ballowe, director of facilities for the district.
Though there was interest in the district's rights to 41 piers on the Chain O'Lakes or Fox River, that didn't translate into actual bids. The district was seeking a minimum of $1,000 per pier right.
“I think a lot of people misunderstood what we're doing,” Ballowe said. “It's not a physical item (being sold), it's a right to an item.”
Pier rights on the Chain and Fox River are limited by the Army Corps of Engineers, so there are only so many available for boaters.
The forest district acquired 45 pier rights in 2012 when it bought the Lake Marie campground in Antioch. District officials were not interested in getting into the marina business at that location and opted instead to sell all but four pier rights. Those four are being held in reserve in the event piers are needed for future activities at the Lake Marie preserve, which has not yet opened to the public.
The rights can be used anywhere on the Chain `O Lakes or Fox River, from the Wisconsin border to Algonquin, but buyers have to pass an Army Corps review and approval.
“The problem is it's a lot of work to get them,” Ballowe said. “People who might have an advantage are people who own marinas already.”
Ballowe theorizes that potential buyers may have held back to gauge the prices and first-round interest.
“It's all new to us,” he added. “I know there is interest out there because I had three messages today.”
The pier rights are considered excess property and by law have to be sold at auction if they are being disposed of by the district.
“We'll probably go out (to auction again) pretty quickly,” he said. “We have to do it in the same manner, we can't pick who we sell it to.”
The forest district holds the rights for another two or three years. If they are not used or sold by then, the rights will disappear.
“In the end, who knows what's going to happen,” Ballowe said.