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HomeMy WebLinkAboutResolution #0957r; RESOLUTION NO. ~r~ A RESOLUTION APPROVING AN AGREEMENT FOR THE PURCHASE OF REAL PROPERTY AND DIRECTING THE MAYOR TO EXECUTE AND DELIVER COPIES OF THE SAME. WHEREAS, the City of Canton, an Illinois municipal corporation, and the Canton Area Chamber of Commerce have heretofore reached a tentative agreement for the purchase of certain real property commonly known as the "Soldwedel property"; and, WHEREAS, the City of Canton now desires the consumation and finalization of such tentative agreement. IT IS, THEREFORE, RESOLVED BY THE CITY COUNCIL OF THE CITY OF CANTON, Fulton County, Illinois as follows: 1. That a certain agreement for the sale and purchase of real property, hereto attached and incorporated as Exhibit A, is hereby approved by the City Council of the City of Canton. 2. That the Mayor of the City of Canton is hereby authorized and instructed to execute and deliver duplicate original copies thereof on behalf of the City of Canton. 3. That this Resolution 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 3xxl- day of ~,~„~t , 1982 upon a roll call vote as follows: AYES: Aldermen Kovachevich, Hammond, Savill, Sarff, Grant, Carl, Larsen, Horr. NAYS: None ABSENT: None APPROVED: Donald E. Edwards, Mayor. ATTEST: Nancy W ites, City Clerk. ,:~+ ~~~ 7 n r_n~Fnrt~+rTm THIS AGREEMENT, made and entered into this ~_ day of ~~~„ASS, 1982, by and between the Canton Area Chamber of Commerce, an Illinois not for profit corporation, hereinafter called the "Chamber," and the City of Canton, an Illinois municipal corporation,. hereinafter Called the "City," WITNESSETH: 1. SUBJECT MATTER: The subject matter of this Agreement is the acquisition of real property by the Chamber being legally described as: Lot Number Three (3) in Jones' First Addition to the City of Canton, Fulton County, Illinois. Common Address: 73 N. First Avenue Canton, Illinois and, the ultimate purchase thereof by the City from the Chamber. * 2. ACQUISITION BY CHAMBER: The Chamber shall, at its expense, acquire fee simple title to the foregoing described real property, free and clear of all tenancies, at a total purchase price not to exceed Forty Thousand Dollars ($40,000.00). 3. PURCHASE BY THE CITY: Within five (5) years of the date hereof, the City agrees to purchase the above described real property from the Chamber at=the~Chamber's actual purchase price and without interest. In no event shall the City be required to pay more than Forty Thousand Dollars ($40,000.00) for such real property. The Chamber and the City both agree that payment of the purchase price by the City shall only be from tax increment monies now on hand or hereafter to be acquired by the City. In no way shall this Agreement be construed to be a general obligation against the City or against the City Treasury or General Fund. 4. CONVEYANCE: Upon payment of the full actual purchase price, without interest, to the Chamber by the City, the Chamber agrees to convey title in fee simple to the City by a customary Warranty deed. 5. ESCROW: Within thirty (30) days of the Chamber's acquiring fee simple title to the foregoing real property, the Chamber shall execute its warranty deed and place the same in escrow with an escrow agent hereafter to be agreed upon. Each party agrees to pay one- half of the escrow fee and expense. 6. ASSIGNMENT: Neither the Chamber nor the City shall assign any interest herein without first obtaining the prior written consent of the other party hereto. 7. THIS AGREEMENT A LEASE: During the pendancy of this Agreement, the City shall lease the foregoing described real property from the Chamber for an annual consideration of One Dollar ($1.00). Payment shall be by the year, in advance. 8. POSSESSION: The City shall be let into possession of the foregoing described premises immediately upon the execution hereof and upon the Chamber's acquisition of fee simple title. .:r .. 9. USE BY THE CITY: The City shall use the foregoing described premises as a public parking facility and upon terms and conditions of public use as the Canton Cit:- Council may from time-to-time determine. 10. DE2~IOLITION AND CO?~STRtiCTIO'~: Uoon being let into possession, the City shall, at its exoense, demolish all improvements presently existing on such premises and cc~:str~act a public parking facility thereon. in conformity with plans and designs to be hereafter determined by the City. Demolition and cor.~truction costs shall be paid solely from funds now on hand or her~a=:ter to be received by the City's tax increment fund.. In no wa_,~ shah this paragraph be construed to be a general obligation upon the Cis-: or against the City Treasury or General Fund. 11. CLAIMS AND INSURA'vCE: T~_ Chamber shall make no claim against the City by reason of the demob =ior. of presently existing .improvements on the foregoing described cr~-~ises. The City shall make no claim against the Chamber by reason or t'~e City's improvements to the fore- going described premises. Durinc the pendancy of this Agreement, the City shall carry .liability insurance on the foregoing described premises with the Chamber as an insurred _arty. 12. TAXES: The Chamber shal'_ ca_r all general and special real property taxes for the year 198; due and payable in 1982 and for previous years. General and special real property taxes for the year 1982 due and payable in 198, shall be prorated between the Chamber and the City accordinc =;~ time of possession. The City shall be responsible for all ce^=rat and special real property taxes, if any, during the pendant;- o- this Agreement. 13. TITLE: Abstract o` tit~~ or commitment to insure title to said real property to be orovica~ to the City by the Chamber within thirty (30) days of the Cha_-nb~r' s accuisition of fee simple title. If a title insurance com:~ittment, such committment shall be in the amount of the full purchase pYic~ but not to exceed $40,000.00. 14. This Agreement shall be :~inding upon the parties hereto, and upon their respective successors and assigns. IN WITNESS WHEREOF the car=ies have hereunto set their hands and seals to three (3) duplicate ori;inal copies hereof the day and date first above written. Cr~TON AREA CHAMBER OF COMMERCE, a^ Illinois not for profit corporation, BY: , Its' President. ATTEST: 1/b~ ~113~~ "vim ~ , I s.Secretary. (S E- :A- L ) - 2- r • t CITY OF CANTON, an Illinois municipal corporation, SY: ~ , (Donald E. Edwards), Mayor. ATTEST: .(Nancy i es , City Clerk. (S E A L) * Subject to Chamber reaching agreement with present owner of record. -3 and last-