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O-71-03ORDINANCE . NO. 0 -71 -3 AN ORDINANCE PROVIDING FOR AN AGREEMENT FOR THE PURCHASE OF REAL ESTATE FOR PUBLIC PARKING FACILITIES AND OTHER MUNICIPAL PURPOSES BY THE VILLAGE OF DEERFIELD, LAKE AND COOK COUNTIES; ILLINOIS WHEREAS, it is deemed advisable and necessary for the welfare of the residents of the Village of Deerfield, Lake and Cook Counties, Illinois, to improve and expand existing public parking areas and municipal service areas by purchasing additional available real estate suitable for said purposes; and WHEREAS, pursuant to the provisions of Division 76.1 of Article 11 of the Illinois Municipal Code, as amended, the Village is authorized to purchase real 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 twenty (20) years, and to provide for the levy and collection of a direct annual tax sufficient to pay the annual installments when same become due and payable; and WHEREAS, the corporate authorities of the Village of Deerfield deem the real estate commonly.known as 807 Park Avenue, Deerfield, Illinois and legally described in attached Exhibit A, suitable and desirable for the aforesaid municipal purposes and have negotiated with the owners, a contract for the purchase of said real estate in form and substance the same as that.marked Exhibit A and attached hereto and made a part hereof;- and WHEREAS, pursuant to the provisions of said.Division 76.1 of Article 11 of the Illinois Municipal Code, as amended, it is required that the President and Board of Trustees of this Village adopt an ordinance providing for the purchase of said real estate and upon execution of an agreement for that purpose .to provide for the levy and collection of a direct annual tax sufficient to pay the annual installments provided for by such agreement as and when such installments become due and payable; . i . BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF DEERFIELD, LAKE AND COOK COUNTIES, ILLINOIS, AS FOLLOWS: S.ECT.ION That.it is hereby determined to be advisable, ONE: necessary and in the best interest of the Village of Deerfield that the real estate commonly known as 807 Park Avenue, Deerfield, Illinois, and legally described on attached Exhibit A be purchased by the Village of Deerfield for municipal purposes in accordance with and pursuant to the terms and conditions o•f the contract to purchase marked Exhibit A and attached hereto and made a..part hereof, which contract is hereby approved. SECTION That from and after the effective date of this TWO: ordinance the President and Clerk of the Village of Deerfield, Lake and Cook Counties, Illinois, be and are hereby authorized and directed to execute the said 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. SECTION That this ordinance shall be published at least twice THREE: within thirty (30) days after its passage in The Deerfield Review, a secular newspaper published and of general circulation in the Village of Deerfield, Illinois, and if no petition signed by electors equal in number to one per cent (1%) or more of the total number of votes cast at the last preceding regular municipal election is filed with the corporate authorities of said Village within sixty (60) days after the second publication of this ordinance, then this ordinance shall be in full force and effect, as provided by Section 11- 76.1 -3 of the Illinois Municipal Code, as amended. r AYES: FIVE (5) NAYS • NONE (0) ABSENT: NONE (0) PASSED this 4th day of January A.D. kQRAkx 1971 APPROVED this 4th day of January A.D. k9JM 1971. f . ATTEST: VILLAGE PRESIDENT VILLAGE CLERK _ A G R E E M E N T THIS AGREEMENT, entered into this v s-11- day of , 197/ , by and between CHARLES YOUS and JOAN YOUS, his wife, (hereinafter referred to as "Sellers ") of Deerfield, Illinois, and the VILLAGE OF DEERFIELD-(hereinafter referred to as "Village "), an Illinois municipal corporation. w i t n e s s e t h: WHEREAS, the Village contemplates the expansion of its public parking and municipal service areas to satisfy the requirements occasioned by the anticipated growth of the Village; and WHEREAS, the expansion of said public parking and municipal service areas will require the acquisition of additional real estate by the Village; and WHEREAS, the Village is authorized by the provisions of Chapter 24, Section 11- 76.1 -1 (Illinois Revised Statutes), et seq to purchase real and personal property for public purposes pursuant to contracts providing for the consideration therefor to be paid in annual installments during a period not exceeding twenty (20) years. NOW, THEREFORE, in consideration of the mutual covenants contained herein, it is agreed by and between the parties as follows: 1. Sellers agree to sell to the Village certain real estate in the Village located at 807 Park Avenue and legally Exhibit I described on Zx2xxdxojm A attached hereto. Sellers agree to furnish 1� within 20 days after effective date of Ordinance approving this contract, evidence of good and merchantable title to said real estate in the form of a current Chicago Title and Trust Company Preliminary Report on Title in the amount of the purchase price of THIRTY THOUSAND ($30,000.00) DOLLARS showing the title to the real estate to be subject only to current general real estate taxes, stock objections usually appearing on reports on title, and any other objections, liens or encumbrances which the Village, in its sole discretion determines, do not affect the merchantability of said title. In the event Sellers are unable to furnish such satisfactory title evidence, Village may declare this Agreement null and void and of no further legal effect. 2. Village agrees to purchase the real estate described in Schedule A for a total principal consideration of THIRTY THOUSAND ($30,000.00) DOLLARS which, together with interest as provided below, shall total FORTY -ONE THOUSAND EIGHT HUNDRED SIXTY -ONE and 05 /100 ($41,861.05) DOLLARS. Upon closing Village shall make a cash payment of TWO THOUSAND FIVE HUNDRED ($2,500.00) DOLLARS. Village shall pay the balance of the purchase price for the real estate on Schedule A by payments beginning on November 30, 1972, and each subsequent annual payment shall include interest at the rate of six (6 %) percent per annum on the unpaid balance. Village retains the right to make complete or partial prepayment of this obligation at any time during the term hereof without penalty. Installments of interest and principal will be due on November 30th of each year in the amounts as follows: Principal Year Interest Amount Total 1972 $ 1,650.00 $ 1,630.20 $25,869.80 1973 $ 1,552.10 $ 1,728.10 $24,141.70 1974 $ 1,448.43 $ 1,831.78 $22,309.93 1975 $ 1,338.70 $ 1,941.50 $20,368.43 3. Village represents that the execution of this Agreement by the Village President and the attestation by the Village Clerk have been authorized by a duly enacted ordinance passed by the Village Board of Trustees at a regular meeting thereof held on January 4 , 1971 , and that said ordinance has been published at least twice within thirty (30) days after its passage in a newspaper of general circulation published within the Village. Village further represents that no petition requesting the submission of the question to the electors signed by electors equal in number to one (1 %) per cent or more of the total number of votes cast at the last preceding election has been filed with the Corporate Authorities. 4. Village agrees that it shall levy a direct annual tax in an amount sufficient to pay the annual installments plus interest required by this Agreement and a certified copy of this Agreement and a certified copy of the Village Tax Levy Ordinance shall be filed and Cook County with the County Clerksof Lake County /, Illinois who shall extend said tax. 5. After Sellers have furnished the title evidence above described and the Village has made the initial payment in the amount of TWO THOUSAND FIVE HUNDRED ($2,500.00) DOLLARS described above, Principal Year Interest Amount Total 1976 $ 1,222.10 $ 2,058.10 $18,310.33 1977 $ 1,098.63 $ 2,181.58 $16,128.75 1978 $ 967.73 $ 2,312.48 $13,816.28 1979 $ 828.85 $ 2,451.35 $11,364.93 1980 $ 682.00 $ 2,598.20 $ 8,766.73 1981 $ 526.08 $ 2,754.13 $ 6,012.60 1982 $ 360.80 $ 2,919.40 $ 3,093.20 1983 $ 185.63 $ 3,093.20 - -0 -- TOTAL $11,861.05 $27,500.02 3. Village represents that the execution of this Agreement by the Village President and the attestation by the Village Clerk have been authorized by a duly enacted ordinance passed by the Village Board of Trustees at a regular meeting thereof held on January 4 , 1971 , and that said ordinance has been published at least twice within thirty (30) days after its passage in a newspaper of general circulation published within the Village. Village further represents that no petition requesting the submission of the question to the electors signed by electors equal in number to one (1 %) per cent or more of the total number of votes cast at the last preceding election has been filed with the Corporate Authorities. 4. Village agrees that it shall levy a direct annual tax in an amount sufficient to pay the annual installments plus interest required by this Agreement and a certified copy of this Agreement and a certified copy of the Village Tax Levy Ordinance shall be filed and Cook County with the County Clerksof Lake County /, Illinois who shall extend said tax. 5. After Sellers have furnished the title evidence above described and the Village has made the initial payment in the amount of TWO THOUSAND FIVE HUNDRED ($2,500.00) DOLLARS described above, Sellers shall deliver their recordable Warranty Deed and Affidavit of Title and Village may take possession of the property and improve the property as it may deem appropriate. 6. General real estate taxes shall be adjusted ratably as of the time of closing. If-the amount of the current general taxes is not then ascertainable the adjustment thereof shall be on the basis of the amount of the most recent ascertainable taxes. 7. In addition to the payments described in Paragraph 2 hereof the Village agrees that it shall pay interest at the rate of six (6 %) percent per annum on the sum of TWENTY -SEVEN THOUSAND FIVE HUNDRED ($27,500.00) DOLLARS from and after the date of closing until November 30, 1971. 8. In the event the Village shall fail to make any of the payments as provided herein, Sellers shall serve written notice of said default upon the Village as herein provided and upon receipt thereof the Village shall have a period of sixty (60) days in which to remedy such default by payment. In the event the Village shall fail to remedy said default, in addition to any and all other remedies which Sellers may have, Sellers shall have the right to terminate this Agreement by an additional thirty (30) days written notice to the Village setting forth their intention to so terminate. Sellers shall be entitled to retain all prior payments made hereunder as liquidated damages. 9. This Agreement, together with the balance of the purchase price then remaining unpaid and the interest then and there- after payable as herein provided, may from time to time after the closing date be assigned by Sellers. Written notice of any such assignment shall be given by Sellers to the Village in the same manner as provided in Paragraph 8 hereof for giving of notices. The Village may rely and shall be protected in acting upon any instrument of assignment or notice thereof believed by it to be genuine, and shall have no duty to inquire into the authority for or the validity or effectiveness of any such assignment. 10. Notices as required hereunder shall be delivered to Sellers at 1124 Greentree, Deerfield, Illinois and.to the Village at 850 Waukegan Road, Deerfield, Illinois, to the attention of the Village Clerk. All notices as provided herein shall be in writing and be delivered by certified mail. 11. This Agreement shall be binding upon the heirs, assigns and grantees of Sellers and the obligation to make payment hereof shall be binding upon the Village of Deerfield according to the terms of this Agreement. IN WITNESS WHEREOF, this Agreement is executed on behalf of the parties hereto by their respective, duly authorized officers and their respective corporate seals affixed hereto on the day and year first above written. &4'1" cp"" CHARLES YOUS C/ ow"-� JOAN OUS VILLAGE OF DEERFIELD By i ATTEST: a'ac�-� a pftc VILLAGE CLERK .: That part of the southeast quarter of Section 29, Township 43 North, Range 12, East of the Third Principal Meridian, described as follows: Beginning at the southeast corner of said Section 29; thence north along the section line 2331; thence west 335' to the place of beginning in the northeast corner of the premises in- tended to be described; thence west 133.0' 4"; thence south on an angle 74° 481, south 51' 10 "; thence east 1191 91/; thence north 50.0' to the place of beginning in Lake County, Illinois, commonly known as 807 Park Avenue, Deerfield, Illinois.