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HomeMy WebLinkAboutORDINANCE - 960 - 11/12/1974 - PURCHASE AGREEMENT AMENDEDNO. 960 AN ORDINANCE AMENDING ORDINANCE NO. 949 AND PARAGRAPH 7 OF THE REAL ESTATE PURCHASE AGREE- MENT AUTHORIZED BY ORDINANCE NO. 949. NOW, THEREFORE, BE IT ORDAINED by the President and Board of Trustees of the Village of Elk Grove Village, Cook and DuPage Counties, Illinois, as follows: Section 1: That Ordinance No. 949 and Paragraph 7 of the Real Estate Purchase Agreement authorized by said Ordinance No. 949 be and are hereby amended to read as follows: a) That the first entire paragraph appearing on Page 2 of Ordinance No. 949 be amended to read as follows: WHEREAS, it is hereby estimated and determined that if the Village and the present title holders enter into an agreement providing for the Village to purchase such land and the Village pays the net purchase price in ten (10) annual installments, with the amount remaining unpaid from time to time to bear annual interest at the rate of seven (7%) per cent it will cost an amount not to exceed Two Million Four Hundred Forty Four Thousand, Three Hundred Twenty Six and 24/100 ($2,444;326.24) Dollars to purchase said vacant land for said Village; and sufficient funds are not presently available therefor; and b) That Section 1 of said Ordinance No. 949 be amended to read as follows: Section 1: That it is hereby determined that it is essential and in' the public interest to provide a site for various possible public use or uses, including, but not limited to parks, water system extensions, necessary municipal buildings and pub- lic work facilities that vacant land be obtained in 01 and for said Village, all as hereinabove described in the preambles of this Ordinance; that upon entering into an agreement for such purchase and exercising its right to have the Sellers assign their interest in said agreement to a bank of the Village's designa- tion, the Village shall pay the total amount of not to exceed Two Million Four Hundred Forty Four Thousand, Three Hundred Twenty Six and 24/100 ($2,444,326.24) Dollars, which price includes interest, commencing on the closing date of October 1, 1974 or such later date of closing as is provided for herein, on the principal amount of not to exceed One Million Six Hundred Seventy Two; Thousand Six, Hundred Eighty Four and 40/100 ($1,672.684.40) Dollars, remaining unpaid from time to time, which interest and purchase price is to be paid in ten (10) annual installments of interest only for the f;.rst two years of 1975 and 1976 in amounts not to exceed One Hundred Eighteen Thousand Seven Hundred Fourteen and 13/100 ($118,714.13) Dollars, each and interest and principal for the next eight years in the following amounts on November 1, of each of the years 1975 to 1984 inclusive, 1977 - 327,799.68 1978 - 312,960.41 1979 - 298,121.15 1980 - 283,281.88 1981 - 268,442.61 1982 - 253,603.35 1983 - 238,764.08 1984 - 223,924.82 2 C c) That Paragraph 7 of the Real Estate Purchase Agreement contained in Ordinance No. 949 be amended to read as follows: 7. That upon the assignment by Sellers of this agreement, the purchaser agrees that the total amount necessary to repay the purchase price which shall not Thousand exceed One Million Six Hundred Seventy Two/Six Hundred Eighty Four and 40/100 ($1,672.684.40) Dollars but may be reduced when the total number of square feet upon which the gross purchase price shall be calculated is determined (in which event the figures stated below shall be proportionately reduced) less credits and prorations, in ten (10) annual installments, including interest at the rate of seven (7% ) percent on the principal amount remaining unpaid from time to time shall be paid on the following terms; the first two payments being interest only and the subsequent eight payments to be principal and interest. PAYMENT DATE PRINCIPAL INTEREST AMOUNT 11/1/75 0 118,714.13 11/1/76 0 118,714.13 11/1/77 209,085.55 118,714.13 11/1/78 209,085.55 103,874.86 11/1/79 209,085.55 89,035.60 11/1/80 209,085.55 74,196.33 11/1/81 209,085.55 59,357.06 11/1/82 209,085.55 44,517.80 11/1/83 209,085.55 29,678.53 11/1/84 209,085.55 14,839.27 1,672,684.40 771,641.84 TOTAL 118,714.13 118,714.13 327,799.68 312,960.41 2^5,121.15 283,281.88 268,442.61 253,603.35 238,764.08 223,924.82 2,444,326.24 Purchaser shall have the right on the first day of any month to prepay the purchase price, without penalty or premium, by paying the balance of the principal amount of the net purchase price then remaining 3 unpaid on the date of such prepayment, plus the interest accrued thereon, to the date of such prepayment; provided, further, that the purchaser shall have the right on the first day of any month to prepay any one or more installments of the principal amount of the purchase price, without penalty or premium, by paying said installment or installments, plus the interest accrued to said prepayment date, on the principal amount then unpaid. Fifteen (15) days written notice must be given by purchaser to the assignee of this agreement if the option to make such prepayment is to be exercised. Section 2: That this Ordinance shall be in full force and effect from and after its passage and approval, according to law. VOTE: AYES 6 NAYS 0 ABSENT 0 PASSED this 12th day of November 1974. APPROVED this 12th day ATTEST: VILLAGE CiFRK 0 November 1974.