HomeMy WebLinkAboutORDINANCE - 949 - 8/27/1974 - AGRMT/PURCHASE OF VACANT LANDORDINANCE NO. _
AN 01tDINANCT, PROVIDING POR TILE Eti%ECUTION OI' AN AGREF;,%<'NT
PROVIDING FOR THE PURCHASE OF VACANT LAND BY INSTALLMR NT
CONTRACT BY THE, VILLAGE. O1? ELK GROVE VILLAGE,
WHEREAS, vacant land in or adjacent to the Village of Elk
Grove Village is rapidly disappearing due to intense .land develop -
meat; and
WHEREAS, it is deemed advisable and necessary for the best
interests of the residents of the Village of Elk Grove Village,
Cook and DuPage Counties, Illinois that certain vacant land be
purchased for said Village in order to provide a site for various
possible public use or uses, including, but not limited to parks,
water_ system extensions, necessary municipal buildings and
public work facilities; and
WHEREAS, said possible public use or uses are authorized
pursuant to the provisions of Divisions 98, 126, 139 and other
divisions of Article 11 of the Illinois Municipal Code, as
amended; and
WHEREAS, pursuant to the provisions of Division 61 of
Article 11 of the Illinois Municipal Code, as amended, the Village
is authorized to purchase real estate and personal property for
public purposes pursuant to contracts which provide for the
consideration for such purchase to be paid in annual installments
during a period not exceeding ten (10) years; and
WHEREAS, the present legal title holders to real property
legally described hereafter are desirous of entering into an
agreement whereby they will -onvey to the Village of Elk Grove
Village, at a purchase price of $1.05 per square foot a parcel.
of vacant real estate located at the Northeast corner of the inter-
section of Landmeier Road and Busse Road (State Route 83), which
parcel consists of approximately thirty-six and 5/10ths (36.5)
acres, more or less, which parcel is presently without but is
contiguous to the existing Village boundary; and
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 Twenty Three Thousand,
Four Hundred Forty Six and 65/100 ($2,423,446.65) Dollars to
purchase said vacant land for said Village; and sufficient funds
are not presently available therefor; and
WHEREAS, it is hereby determined necessary and convenient
that the Village exercise the power and authority contained in
provisions of Division 61 of Article 11 of the Illinois Municipal
Code, as amended, so as to acquire said land and it is hereby
further determined necessary that the President and Board of
Trustees of this Village adopt an ordinance providing for the
purchase of said vacant land; and
WHEREAS, should such agreement be entered into the total
amount of the funds necessary to pay the installments due pursuant
to the real estate sales agreement provided for herein, when
combined with all other. existing Village :indebtedness shall not
exceed the authorized maximum debt limit of said Village as
cs;tabl.ished by Division 5 of Article 8 of the Illinois Municipal
Godo, ;ir; em;cnded.
3
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 it is hereby determined that it is essen-
tial and in the public interest to provide a site for various
possib]c public use or uses, including, but not limited to parks,
water system extensions, necessary municipal buildings and public
work facilities that vacant land be obtained in 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 designation, the
Village shall pay the total amount of not to exceed Two Million
Four Hundred Twenty Three Thousand, Four Hundred Forty Six and
65/100 ($2,423,/146.65) 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, re-
maining unpaid from time to time, which interest and purchase
price is to be paid in ten (10) annual installments of interest
only for the first two years in amounts not to exceed One Hundred
Seventeen Thousand Eighty Seven and 96/100 ($117,087.96) Dollars,
each and interest and principal for the next eight years in
amounts not to exceed Two Hundred Seventy Three Thousand Six Hun-
drool Fifty Eight and 92/100 ($273,658,92) Dollars, on November 1
of each of the years 1975 to 1984 inclusive.
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Sect.ion 2: That from and after the effective date of this
ordinance tho President and clork of the Village of Elk Grove
Village be and they are hereby authorized and directed to execute
the purchase agreement herein provided for and to do all things
necessary and essential, including the execution of any documents
and certificates necessary to carry out the provisions of said
agreement and this ordinance.
Section 3: That the purchase agreement which the Village
President and Village Clerk are hereby authorized to execute for
and on behalf of said Village shall be in the following form:
EDWARD C. MOFERT
NOAi`IAN E. SAMELSON
GEORGE B. KNICKERBOCKER
LAW OFFICES
HOFERT AND SAMELSON
ATTORNEYS AT LAW
COLONIAL BUILDING
JSO LEE STREET
DES PLAINES, ILLINOIS 60016
February 3, 1975
Mrs. Faye Bishop
Deputy Clerk
Village of Elk Grove Village
901 Wellington
391k Grove Village, I1.
Dear Faye:
Enclosed please find photostatic copy of Real Estate
Purchase Agreement regarding 36.5 acres. Note that
the signatory page is also a photocopy, but evidences
the signatures of all required parties.
AREA CODE 312
827-3117
Please be advised that original signatures were applied
to two separate contracts, one of which was placed in the
Probate Court file and the other is in the files of the
counsel for the Bank of Elk Grove.
However, the enclosed document should be satisfactory for
your purposes. Should you have any further questions,
please advise.
Very truly yours,
HOF RTI
Nor of
f
NES:rec
Enclosures.
5
STATEOF ILLINOIS )
SS
COUNTY OF COOK )
A REAL ESTATE PURCHASE AGREEMENT PROVIDING
FOR THE SALE OF APPROXIMATELY 36.5 ACRES OF
VACANT LAND TO T13E VILLAGE OF ELK GROVE
VILLAGE AT A PRICE OF $1.05 PER SQUARE FOOT.
WHEREAS, the undersigned Sellers are presently the owners
of certain property consisting of approximately thirty six &
5/10ths (36.5) acres, more or 7e ss, which property is presently
outside but contiguous to the existing Village boundary of the
Village of Elk Grove Village and is located at the Northeast
corner of Landmeier Road and Busse Road (State Route 83); and
WHEREAS, the Village has determined that it is necessary
and advisable for the best interests of the residents of the
Village of Elk Grove Village that said vacant land be purchased
in order to provide a site for various possible public use or
uses, including, but not limited to parks, water system exten-
sions, necessary municipal buildings and public work facilities;
and
WHEREAS, said owners halve agreed to sell the real estate
to the Village at a price of $1.05 per square foot, for a total
purchase price of not to exceed one Million Six Hundred Seventy
Two Six Hundred Eighty Four and 40/100 ($1,672,684.40) Dollars,
plus interest, commencing on October 1, 1974, the date of closing,
or such later date of closing as is provided for herein at the
rate of seven (7l)- percent on the amount remaining unpaid from
time to time, if the purchase price is paid in installments over
a period of not to exceed ten (10) years; and
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WHEREAS, Division 61 of Article 11 of the Illinois Muni-
cipal Code, as amended, authorizes the Village to purchase real
estate and personal property for public purposes pursuant to
contracts which`provide for the consideration for such purchase
to be paid in annual installments during a period not to exceed
ten (10) years;
NOW, THEREFORE, In Consideration of the mutual covenants
and conditions herein contained, and the payment of One Hundred
($100.00) Dollars from the Village of Elk Grove Village, a
Municipal Corporation of the State of Illinois, hereinafter re-
ferred to.as Purchaser, to the undersigned Sellers, the parties
hereto agree as follows:
1. Sellers agree to sell and Purchaser agrees to purchase,
at a purchase price of $1.05.per square foot for a gross purchase
price not to exceed One Million Six Hundred Seventy Two Six
Hundred Eighty Four and 40/100 ($1,672,684.40) Dollars a parcel
of property which is contiguous to the present Village boundary,
which parcel consists of approximately thirty six and 5/10ths
(36.5) acres, more or less, is located at the Northeast corner of
Landmeier Road and Busse Road (State Route 83) and has the
legal description contained on Exhibit A attached hereto and
made part hereof, which exhibit is a Plat of Survey prepared by
Edgar E. Webster dated July 22, 1974 and is numbered D - Cook Co.
26-41-11, which property is hereafter referred to as "The Subject
Parcel". The parties agreethat the -gross purchase price shall be
based upon the total number of square feet of land which is con-
veyed to Purchaser free and clear of all exceptions other than
those stated in Paragraph 2 hereof, and that said purchase price
shall be reduced by the terms hereof and by application of proper
credits for proration of real estate taxes, payment of any liens
or encumbrances of definite and ascertainable amounts and other
items usually prorated at closing.
Purchasers acceptsaid survey and the'certifications contained
thereon and agree that the gross purchase price shall be based
upon said certifications and the terms and provisions of this
Agreement.
2. Sellers agree to convey to Purchaser free and clear
title to the subject parcel by Administrators' -or Executors' and
Trustees' Deeds with title to the subject only to:
A. General Real Estate Taxes for 1973 and subsequent
years which taxes shall be prorated to date of closing;
B. Zoning and Building Laws or Ordinances of Record;
c. Easements or restrictions of record;
D. Drainage_ ditches, feeders, laterals, and drain tile;
E. Special assessments levied hereafter;
F. Rights of the public in any part of the subject parcel
falling within Landmeier Road or Busse Road (State
Route 83) or other property dedicated for public use
for road purposes (any property subject to such rights
shall not be included within the net square feet
upon which the net purchase price shall be paid).
3. Within thirty (30) days after date hereof Sellers shall
deliver to Purchaser written commitments issued by Chicago Title and
Trust Company or Pioneer National Title Insurance Company, which commit -
meats shall insure Sellers' titles to their respective portions of the
subject parcel in the full amount of the purchase price, subject only
to those general exceptions contained in Owner's title insurance poli-
cies customarily issued by said title insurance company and subject to
the special exceptions (a), (b), (c), (d); (e) and (f) set forth in
the preceding paragraph, liens and encumbrances of a definite or ascer-
tainable amount which may be eliminated by the use of all or a portion
of the purchase price, and easements or restrictions of record which
0
would not deny the Purchaser the full and complete use of the entirety
of the Subject Parcel for municipal purposes. Closing shall occur on
October 1, 1974, providing purchaser has received the title commit-
ments required herein.
4. If the title commitment discloses either unpermitted excep-
tions or survey matters that render the title unmarketable (herein
referred to as "survey defects"), Sellers shall have 30 days from the
date of delivery thereof to have the exceptions removed from the commit -
meet or to correct such survey defects or to have the title insurer
commit to insure against loss or damage that may be occasioned by
such exceptions or survey defects, and, in such event, the time of
closing shall be 35 days after delivery of the commitment or the
date of closing, whichever is later. I£ Sellers fail to have the
exceptions removed or correct any survey defects, or in the alterna
tive, to obtain the commitment for title insurance specified above as
to such exceptions or survey defects within the specified time, Pur-
chaser may terminate this contract or may elect, upon notice to
Sellers within 10 days after the expiration of the 35 -day period,
to take title as it then is with the right to deduct from the purchase
price liens or encumbrances of a definite or ascertainable amount or to
extend the date of closing until such time as the exceptions which are
not of a definite and ascertainable amount are removed. If Purchaser
does not so elect, this contract shall be come null and void without
further action of the parties.
5. Sellers agree that the amount paid to them as earnest money,
namely One Hundred ($100.00) Dollars shall be applied toward the total
purchase price, upon closing. The earnest money shall be held by Allan
B. Muchin, Attorney at Law, 125 South Clark Street,,Chicago, Illinois.
If this contract is terminated without Purchaser's fault, the earnest
money shall be forfeited to the Sellers and applied first to the
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payment of Sellers expenses, the balance, if any, to be retained by
the Sellers as liquidated damages.
6. Upon closing Sellers agree that, upon Purchaser's written
request, they shall assign their interests in this Agreement to a
bank of. Purchaser's designation, providing no assignment shall
occur unless the net purchase price due Sellers is tendered them at
closing.
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 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
TOTAL
11/1/75
0
117,087.96
117,087.96
11/1/76
0
117,087.96
117,087.96
11/1/77
161,693.31
111,965.61.
273,658.92
11/1/78
173,382.15
100,276.77
273,658.92
11/1/79
185,915.95
87,742.97
273,658.92
11/1/80
199,355.80
74,303.12
273,658.92
11/1/81
213,767.27
59,891.65
273,658.92
11/1/82
229,220.52
44,438.40
273,658.92
11/1/83
245,790.88
27,868.04
273,658.92
11/1/84
263,558.52
10,099.77
273,658.29
1,672,684.40
750,762.25
2,423,446.65
I
10.
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 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 install-
ments 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.
8. At the election of Selleis or Purchaser upon notice to
the other party not less than 5 days prior to the time of closing,
this sale shall be closed through an escrow with Chicago Title
and Trust company in accordance with the general provisions of the
usual form of Deed and Money Escrow Agreement then in use by
Chicago Title and Trust Company, with such special provisions
inserted in the escrow agreement as may be required to conform
with this contract. Upon the creation of such an escrow, anything
herein to the contrary notwithstanding, payment of purchase price
and delivery of deed shall be made through the escrow and this
contract and the earnest money shall be deposited in the escrow.
The cost of the escrow shall be divided equally between Sellers
and Purchaser.
9. All notices required herein shall be sent by prepaid
mail to the Sc=llers, c/o their attorney, Allan B. Muchin, 125
South Clark Street, Chicago, Illinois 60603 and to the Purchaser,
c/o Village of Elk Grove Village, Village Hall, 901 Wellington,
Elk Grove Village, Illinois 60007.
10. IT Purchasers are unable to cause payment of the net
purchase price to be tendered to Sellers at time of closing
this Agreement shall be null and void, at option.of either party
hereto.
11. No construction or improvement on the subject parcel
shall be caused or permitted by Purchaser until the net purchase
price due: Sellers has been paid to them, providing that after
Sellers Lave received the net purchase price due them, and this
Agreement has been properly assigned, and all necessary ordinances
have beem properly filed with the County Clerks of Cook and DuPage
Counties,, the purchaser may initiate construction of such
improvements as may be authorized by the corporate authorities
of the Village of Elk Grove.Village.
12.. The parties hereto represent one unto the other that
no real eatate broker, salesman or agent has represented either
party in connection with the sale or P»rchase of the subject
parcel and that no real estate commission is owed as a result
of the execution of this Agreement or the conveyance of land
provided for herein.
13. This Agreement shall be binding upon the parties hereto,
their heirs, executors, administrators, assigns and successors
in office.
IN WITNESS WHEREOF, the parties have hereunto set their hands
and seals this day of 1974.
C. y7 4iam Pollql;di
John Thomson, as Trustees under
the provisions of a certain Trust
Agreements.dated the 6th day of
September, 1974 and known as
Trust numbers Tr. -1, Tr -2 and
Tr -3.
ueorge pic I.ivaine
Harvard Langg V, as co -Trustees
of The Esthe3verding Gift Trust
PURCHASER:
VILLAGE OF ELK GROVE VILLAGE
A Municipal Corporation of the
State o lli o's,/
J Villacze re ident
ATTEST:
VillAge Clerk