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HomeMy WebLinkAboutOrdinance #1100F ORDINANCE. N0. ~ i n n AN ORDINANCE APPROVING A CONTRACT FOR SALE OF LAND FOR PRIVATE DEVELOPN~]T ,wv._~t!1 X,~11A~~~. WHEREAS, the City of Canton has undertaken a program for the redevelopment of the Central. Business District of downtown Canton; has adopted a Redevelo~zt Plan and Project (as amended) pertaining to the Redevelopment of the Central Business District; has designated the Redevelopment Area pertaining to the Central Business District, and has adopted tax increment financing pursuant to the pro- visions of tho Real Property Tax Increment Allocation Development Act of the State of Illinois, Chapter 24, ~ 11-74.401 et seq., Illinois Revised Statutes (1983) (hereinafter referred to as the Act); and, WHEREAS, the City of Canton, pursuant to such Act, has the power to dispose of the property for. private development by negotiated sale after having provided reasonable opportunity for. the submission of proposals; and, WHEREAS, the City of".Canton has solicited written alternative proposals for the use .and development of the affected real property and has received no such alternative written proposals. NOW, THEREE'ORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CANTON, Fulton County, Illinois, as follows: 1. That a certain "Contract for Sale of Land for Private Development", hereto attached as Exhibit A and herein incorporated by reference, is hereby approved, ratified and confirmed by the City Council. 2. That .the Mayor, City Attorney,. City Clerk, City Treasurer and all other City officers are hereby authorized and instructed to take such other and further measures as may be reasonably necessary to implement the terms and conditions of said contract. 3. That this Ordinance shall be in full force and. effect immediately upon its passage by the City Council of the City of Canton, Fulton County, Illinois, and approval by the Mayor thereof. PASSED by the City Council of the City of Canton, Fulton County, Illinois at a regular meeting this 4th day of February 1986, upon a roll call vote as follows: AYES: Aldermen Zilly, S,teck, Sarf~, Wor~.mafi, ~ohLer, May, Chapman, NAYS: None . ~5~1'f: Alderman Kovachevich, APPROVED: ~. Donald E. Edwards, Mayor. ATTEST: Nan Whi ,City Clerk .,j ~~ ~^' LECxAL~ATOTICE ~ . ` Please take notice that pursuant to the provi sions of the Real Propefi- . ty Tax.InCrement Alloca- ' lion ReH~aveIoptn~ttt Act, of the State~~af Illinois, ' State of Illinois, Chapter 24, ~ 1i-72.41 et , ss. seq„ of fhe illinoi$ Mutai- County of Fulton. cipal Code, the Clty of Canton Dail Led er Com an a car oration existin Canton, , Illinois is the ~ Y 9 P Y. P ~ 9 owner of the following and doing business under the laws of the State of Illinois, real property.; and im• by its duly authorized agent, hereby certifies that it is proveme~-tsaegally deg '~~ the publisher of the Canton Daily Ledger; that said Can- senbed as. `' ton Daily Ledger is a secular newspaper, printed and pub- ALL OF ,THE IAT 6~ AND 5?'IN NATHAN lished each week-day in the city of Canton, County of BONES' SECOND~ADD`I~ !, Fulton and State of I Ilinois, that the annexed advertise- TION TO THE CITY OF "I ment was rinted and ublished in the re ular issues of CANTON, NOIS~ ' P P g ILLI WITH THE EXCEPTION OF THE AREA DE- said newspaper each w~ for_______•~ ............................... SCRIBED AS FOLLOW: successive Wes. the date of the first paper containing the Beginning at` the Northeast Corner of said. Lot 56; thence West 114 same being the issue dated thes~~__._--._.day of_ .. _ ..... feet; thence South 52' feet; thence East 40 feet; 19-_~G-_, Number..,l_~J'_.!__of Volume_.7.~.., an the date thence. South 96 feel; .:;; thence East 74 feet to the '; of the last paper containing the same being the___J'_!~- Eastline ofLot 57;thence -. North 148 feet to the day of... _~....-.19.~~., Number.,! ~' ~ Volume.__~_~ Point of Beginning, and the South 2~/s feet of the ; ..................: that said Canton Daily Ledger has been reg- West half of said Lot 57. ularly printed and published for more than six months Which prooperty is lo- prior to the first publication of said annexed advertise- ica~ed"'at ttie 3outbea~s~:: corner- of South Msin ment; that the person making this certificate for and in street and West Pine behalf of said Canton Daily Ledger is fully empowered to Street and in the dowrn make same for and in behalf of said Canton Daily Led- towntaxincrementrede• , er is full em owered to make same for and in behalf velopment area at cam-, 9 Y P monaddressofllLSou'th of said corporation. Main Street, Canton; Iiltr- CANTON DAILY LEDGER CO. nois. . The City invites writ:" - Bookkeeper ten proposals for the de: ': ~~ velopment of said prop- BY--- - --- --------- --------------- -------------- ~e'9er er4y or the use of the im- ~ Pte.. said wrftten t°oposal&~~ must be delivEred to tl~ '° Printer's Fee $ ...................... City Clerk of the City o Canton, 210 East Chest, nut Street, Canton, I1 ,;. nois ,no later than: b o'cYoci~ 1'.M., 'Tuesdays ~, February,9~, 1985: ; , AIi written proposals ; - dered as an alternative ta; the proposed negotiate': agreement .between the; City of Canton and Irwin." N. Rushford. Nancy Whites,'; ` Cfty Clerk ,Tan. 28, Feb. 3, 1986 • - ' (AGREII~iIIVT NO. 4 7 3 ) AGREF~11Vr FOR SALE OF LAND FOR PRIVATE DEVEIAPMENT This agreement is made as of the 4th day of February , 1986, by arld between the City of Canton, a municipal corporation in the State of Illinois (hereinafter referred to as the "City") and having its offices at 210 East Chestnut Street, Canton, Illinois, and Irwin N. Rushford, an individual (hereinafter called "Buyer") and having his office for the transaction of business at 111 South Main Street, Canton, Illinois. WITNE.SSEI'H W'f~REA.S, the City has undertaken a program for the redevelopment of the Central Business District of downtown Canton; has adopted a Redevelopment Plan and Project (as amended) pertaining to the Redevelopment of the Central Business District; has designated the Redevelopment Area pertaining to the Central Business District; and has adopted tax increment financing pursuant to the provisions of the Real Property Tax Increment Allocation Development Act of the State of Illinois, Chapt. 24, 11-74, 4-1 et. seq. Ill. Rev. Stats. (1981) (hereinafter referred to as the "Act"); and, WHEREAS, the City has the power to dispose of the property for private develop- ment pursuant to said Act by negotiated sale after having provided reasonable opportunity for the submission of proposals; and, WHEREAS, the City has offered to sell and Buyer is willing to purchase certain land and improvements described in Schedule A annexed hereto and made a part hereof (which property as so described is herein called "Property") and to redevelop the Property for and in accordance with the terms of this Agreement; and, Wf~REAS, the City believes that the redevelopment of the Property pursuant to this Agreement is in the vital and best interests of the City and the health, safety, morals, and welfare of its residents, and in accord with the public purposes and provisions of the applicable state and local laws. NOW, THEREFI~RE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby conversant and agree with the other as follows: SDC. 1 PROPERTY: SALE AMID PURCHASE PRICE; DEVELfJPMQFr The Property to be conveyed as a result of this Agreeirent shall consist of the land and improvements thereon described in Schedule A. Subject to all the terms, convenants and conditions of the Agreirent, the City will sellthe Property to Buyer for, and Buyer will purchase the Property from the City and pay therefore, the sum of $14,000.00 hereinafter called "Purchase Price", to be paid in the following manner: (a) By a down payment of $4,000.00, the receipt of which is acknowledged by the City; and, (b) The balance of $10,000.00 shall be paid by equal annual payments of $2,000.00 each on the first, second, third, fourth and fifth anniversary date of this agreement, together with interest thereon at the rate of 5~ per annun. Interest shall cones due and be paid with the principal amount to which it relates. Buyer reserves the right to prepay any or all of the unpaid balance of principal and interest due the City at any time without penalty. Buyer agrees to continue to redevelop the existing parking lot situated on the subject property in conformity with the Redevelopment Plan and Project (as amended) and at Buyer's sole expense. Both the City and Buyer specifically agree that the redevelopment by Buyer contemplated in this Section forms a part of the mutual con- sideration supporting this agreement. Buyer agrees to complete all of said redevel- opment within the five year term for performance established in this agreement. SDC. 2 CONV~'YANCE OF PROPERTY (A) Form of Deed. The City shall convey to Buyer title to the Property by Corporate 6Varranty Deed (hereinafter called "Deed"). Said conveyance and title shall, be subject to: (1) Building and use restrictions and requirements and any other use restrictions and requirements and any other zoning, restrictions, reservations, easements, and roads, alleys, sidewalks, and other rights of way of record; -2- (2) Such easements as it shall have been necessary for the City to dedicate or grant, or shall be necessary at the time of conveyance for the City to reserve, for itself or for future dedication or grant, for sewers; drains, water and gas distribution lines; electric and telephone; rights of way and access; and other public or private utilities and facilities; rights of public utilities or quasi-public utilities, in and to that part of the Property falling in streets and alleys, or in and to vacated streets and alleys; (3) Such defects of title, if any, as cannot be cured and cannot reasonably be expected to interfere with the purposes for which the Property is to be acquired; (4) The terms, convenants, and conditions in the tax increment Redevelopment Plan for the Central Business District of Canton and as said Plan shall be amended from time to time. (B) Time and.Place for Delivery of Deed. The City shall deliver the Deed to the Property Buyer within 30 days of Buyer's full perforniance under this agreement. Conveyance shall be made at the principal office of the City. (C) Payment of Taxes and Assessments. 1986 real property taxes and special assessments, and all subsequent taxes and special assessments, if any, shall be paid by the Buyer during the term of this agreement. 1985 taxes, due and payable in 1986, if any, shall be paid by the City. (D) Possession. Possession shall be given upon Buyer's execution and delivery to the City of this agreement, any doc~mients required under this agreement, and the dawn payment amount specified in Section 1 of this agreement. (E) Title Insurance. Prior to the date of delivery of the Deed, the City shall provide Buyer, at the City's sole expense, with a title c~imitment and as soon as practical after conveyance, an Owner's Title Insurance Policy in the amount of the purchase price, covering the property being conveyed and as described in Schedule A, subject to the restrictions set forth in this agreement; and the usual and customary reserva- tions, enctmibranoes or exceptions found in the current Chicago Title Insurance C.c~npany ALTA Hareaamer's Commitment or defects as are permitted by the Buyer. If -3- .' such title caYnutment discloses unpermitted exceptions, the City shall have the exceptions removed prior to the date provided for delivery of the Deed or have the insurer insured against loss and damage incurred thereby. If the City shall fail to have the exceptions with regard to the tract to be conveyed, removed or insured against by the date the deed for the respective tract is to be delivered, Buyer may (a) terminate this agreement; (b) take title as it then is. If Buyer fails to elect (a) or (b) within 30 days fran the date of the caYmitment is furnished, this agreement shall becoa~~e null and void without further action of the parties. Buyer shall have no further cause of action or claim against the City. (F) Public Parking Lot Use Agreement - Effect of this Agreement's becoming null or void. See Section 6 following. (G) Closing. The closing shall be at the office of the City at 210 East Chestnut Street, Canton, Illinois, or, at such other place as shall be designated in writing by the City. SEC. 3 DEFAULT. On the occurrence of any event of default as described below, the City may declare this agreement a nullity and reenter upon and take possession of the Prop- erty. Any of the following acts, or, failure to act by Buyer may, without limita- tion, be regarded as an "event of default" in the sole discretion of the City; (a) Failure of Buyer to make any payment of principal and intexest as provided in Section 1 of this agreement; or, (b) Failure of Buyer to cc~q~lete the parking lot redevelopment within five (5) years of the date of this agreement in conformity with the Redevelopment Plan and Project (as amended) previously adopted by the City; or, (c) Failure of Buyer to pay real estate taxes or assessments on the Property or any part thereof when due; or, (d) Buyer placing or allowing any enctm~brance or lien on the Property, or suffering any levy or attachment to be made, or any materia]man's or mechanics lien or any other enctiu~rance or lien to attach; or, (e) Buyer's violation of any state law or City ordinance and said viola- tion is not corrected after 90 days after written demand of the City so too do; or, -4- +' (f) The occurrence of: (1) Buyer's becc~ning insolvent or bankrupt; or proceedings for the appointment of a receiver, trustee, or liquidator of Buyer, or of a substantial part of Buyer's assets, being authorized or instituted against Buyer; or, (2) proceedings under any bankruptcy, reorganization, readjust- ment of debt, insolvency, dissolution, liquidation or other similar law being authorized or instituted by or against Buyer; or, (g) Any attempt by vuyer to assign any right, title or interest in and to said Property, or, in and to this agreement; or, (h) Any continued violation of any portion of this agreement for a period of more than 30 days after written notification by the City. SEC. 4 Buyer agrees to make all written reports and furnish documentation and records requested by the City relative to the enforcement by the City of its rights hereunder. Such reports, doc~mientation and records shall be furnished at the time arr3 place specified by the City. SEC. 5 NOTICES AND DEMAAIDS. A notice, demand, or other coinrnmication under the agreement by either party to the other shall be sufficiently given or delivered if it is dispatched by registered or certified mail, postage prepaid, return receipt requested, or delivered personally and: (i) in the case of Buyer, it is addressed to or delivered personally to Irwin N. Rushford at 111 South Main Street, Canton, Illinois; (ii)~in the case of the City, it is addressed to or delivered personally to the City at 210 East Chestnut Street, Canton, Illinois, Attention: General Counsel or at such other address with respect to either such party as that party may, from time to time, designate in writing and forward to the other as provided in this Section. SEC. 6 PUBLIC PARKING IAT USE AGREEMQ~IT Each of the parties recognize that the Property and its present use as a public parking lot is now subject to a "Public Parking Lot Use Agreement" and to certain provisions of a "Contract for the Sale of Land for Private Development" in each of which the parties to this agreement are the sole parties. -5- It is hereby mutually agreed that the terms and provisions of the "Public Parking Lot Use Agreement" and the "Contract for the Sale of Land for Private Devel- opment", to the extent they affect this agreement, or, the Property shall be held in abeyance during the term of this agreement and, upon Buyer's full performance under this agreement shall be deemed to be null and boid with respect to the Property. In the event Buyer fails to fully perform under this agreement, all payments made to the City by Buyer shall be retained by the City. The City may elect to keep such payments as liquidated damages and to reassert the provisions of the "Public Parking Lot Use Agreement" and the "Contract for the Sale of Land for Private Devel- opment" which are naw, or may hereafter, pursuant too this agreement, be held in abeyance; or, may elect to pursue any other legal remedy it may have, to include the remedy of specific performance. During the term of this agreement, or, until Buyer has sooner fully performed, the Property shall continue to retain its character as a public parking lot facility for public use and the non-exclusive use of Buyer's employees, customers, and tenants. During the term of this agreement Buyer shall be responsible for all maintenance and upkeep of the Property. SEC. 7 This Agreement shall be binding on the successors and assigns of the parties hereto. IN WITNESS Wf~DOF, THE PARTIES HAVE CAUSID THEIR SIC~TATURE TO BE AFFIL HEREPO alV THE DATE AFORESAID. CITY OF CAN'IC7IV, ILLIl~TOIS _ } ,F ATTEST: ~i Mayor ity Clerk BUYER Irwin N. Rus rd -6- .' EXHIBIT A All of the Lot 56 and 57 in Nathan Jones' Second Addition to the City of Canton, Fulton County, Illinois, with the exception of the area described as follows: Beginning at the Northeast corner of said Lot 56; thence West 114 feet; thence South 52 feet; thence East 40 feet; thence South 96 feet; thence East 74 feet to the East line of Lot 57; thence North 148 feet to the Point of Beginning, and the South 2~ feet of the West half of said Lot 57.