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HomeMy WebLinkAboutResolution # 3721~~3721 RESOLUTION WHEREAS, it is in the public interest to promote the redevelopment of abandoned and/or underutilized lands within the City of Canton; and WHEREAS, the City of Canton believes that property located at the 200 and 300 blocks of S. 2"d Ave. between 2"d Ave. and Van Buren is currently an abandoned and/or underutilized state; and WHEREAS, the redevelopment options for the property located at the 200 and 300 blocks of S.2nd Ave. between 2"d Ave. and Van Buren cannot be fully identified until the environmental conditions on the property have been established; and WHEREAS, the Illinois Environmental Protection Agency can assist the City of Canton in identifying environmental conditions on the above mentioned property; and WHEREAS, it is in the public interest to insure that any environmental condition which may pose a threat to human health or the environment is properly addressed. NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF CANTON, Fulton County, Illinois, that the City of Canton does hereby request the assistance and participation of the Illinois Environmental Protection Agency, and resolves to assist them in any manner that will provide for the timely and comprehensive environmental investigation of the subject property. PASSED by the City Council of the City of Canton, Fulton County, Illinois at a regular meeting this 15th day of Februarv , 2005, upon a roll call vote as follows: AYES: Aldermen Reed, Hartford, Carl, Molleck, Fillingham, Sarff. NAYS: None . ABSENT: Aldermen West, Harn. ATTEST: Nancy Whites, ity Clerk APPROVED: Je Bohler, Mayor ~~° PEORIA AREA ASSOCIATION OF REALTORS® M LS IT IS RECOMMENDED THAT PARTIES CONSULT AN ATTORNEY REGARDING THIS TRANSACTION. LETTER OF INTENT TO PURCHASE COMMERCIAL/MULTI-FAMILY This Letter of Intent, dated this O / day of~~~~~, 20~~ is by and between those individuals, corporations, trusts, or other entitles hereinaker designated and referred to as "Seiler", and those individuals, corporations, trusts, or other entitles hereinafer designated and referred to as "Buyer". RECITALS it is the intent of the parties that they enter Into this non-binding Letter of Intent in order to set forth the general tents of their understanding regarding the proposed sale of certain property, hereinaker referred to as the "Premises", and generally described as follows: {INSERT OR ATTACH DESCRIPTION OF PREMISES AND ADDRESS} `Z / D F_ . ~ rf,~ S T/V I.L T -- ~DY1 Jtil ~ ~ ~°17ry Y,~.L(~/2/ •~/ /' TAX IDENTIFICATION NO.: ~~'- ~ j~ -Z 7 ' y 3 y - DU ~ The Premises shall be sold together with all Improvements, tlxWres, and appurtenances, together with all Items of personal property listed on attached ,with the following additions or deletlons: ~ir/CLU i7i.V~ 2 f~~n~! r~.~<cc dA/h ~.~...,.-> ~,, .,.~-,-... Seller will provide a bill of sale for the personal property It is contemplated by the parties that this Letter of Intent shall be delivered to the respective attorneys for Seller and Buyer for preparation of a formal, more encompassing agreement to sell the Premises. STATEMENT OF INTENT It fs the Intent of the parties that the general terms and conditons for the sale of the Premises by Seller to Buyer shall be as follows: 1. FORMAL AQREEMENT. The parties Intend to enter Into a formal agreement (hereinafter referred to as the "Agreement") within fourteen days of the date of executlon of this Letter of Intent. The Agreement shall be binding upon all parties, and shall encompass the general terms and conditions detailed herein, as modified by negotlatton and drafting. The inlriai drak of the Agreement shall be prepared by the attorney for Seller/fir {STRIKE ONE}. ~. PURCHASE PRICic Buyer is prepared to purchase the Premises from Seller for the sum of s ~ 2 , U 0 p , ~ d Upon execution of the Agreement, the sum of S __ ~ ~ D 0, d y shall be deposited as earnest money in the escrow account of the listing company for delivery to Seller at the rime of closing. 3. CLOS/N0/POSSESS/ON. It is anticipated that a closing will be held within 3 0 days after execurion of the Agreement, or as soon as practicable after satlsfactlon of all contlngencles, with possession of the Premises to be given at closing. 4. DEED OF CONVEYANCE AND TITLE INSURANCE. It Is Intended Seller shall convey ririe to the Premises by a recordable standard Warranty (or Trustee's or Executor's) deed, subject only to those exceptions permitted by the terms of the Agreement. It is Intended Seller, at Seller's sole expense, shall provide to Buyer a standard ALTA commipnent for title insurance in the amount of the purchase price in accordance with the terms of the Agreement. Seller shall also supply all transfer tax declarations required. 3. CONDITION OF PREMISES. It is the intent of the parties that Buyer accept the Premises as follows: a) As•is conditlon as of the date of Buyer's final Inspection prior to the execurion of the Agreement, with no warranties expressed or Implied. b) As•Is conditlon as of Buyer's final inspection prior to execurion of the Agreement, except Seller warrants the plumbing, well and septlc systems (If any), hearing, electrical and air condirioning systems, and alt appliances included as part of the purchase price to be in reasonable working order on the date of possession. 8. CONTENT OF AQREEMENT. The Agreement contemplated herein shall set forth the complete understanding of the parries. It shall be the responsibility of the attorneys for Buyer and Seller to drak the Agreement in a manner that fully reflects the understanding of the parties. Although the Agreement will be binding, h may contain various contlngencles that could conceivably result in the sale not being closed. Specifically, the Agreement will Include, without IimRarion, the following contingencies {CHECK APPLICABLE PARAGRAPHS}: 1/ a) Zonlnp. Buyer shall be entitled to evidence of satlsfactory inning for Buyer's intended use of the Premises. This may mean the closing will be contingent upon the successful out-come of an application for retuning, and the closing may be delayed accordingly. Any retuning shall be at ~Brq~'s/Seller's {STRIKE ONE} expense. The Agreement may impose a period within which the retuning must occur. b) Survey. A survey of the Premises may be required to indicate the Premises' size, configuration, points of access, easements, tocarion of Improvements, building Ilnes, and public and prfvate rfght-of-way Itnes, and complete legal descrfprion. The survey will be at Seller's/Buyer's {STRIKE ONE} expense. c) Premises Inspection. The Agreement may be subject to Buyer being satlsfled as to the conditlon of the Premises prior to committing to purchase same, Including but not limited to environmental matters. It may be contemplated that Buyer will retain the services of Independent Inspectors, engineers and analysts to furnish reports pertaining to the Premises. Page t of 2 ~ Buyers IniWb PEORIA AREA ASSOCIATION Of REALTORS /PEORIA COUNTY BAR ASSOCIATION COPYRIGHT 1995 (01/00) FORM NO 1109 eanmwraNt t09.oub Page 1 of 2 Sellers ~hftlab _. I/ d) Financing. Buyer's obligation to purchase the Premises may be contingent upon Buyer obtaining satisfactory financing, with the terms of the financing to be detailed 1n the Agreement. e) Cont/ngency: 7• par aph Is del ed, it is t intent of th arties that the Premis be conve ed subj to th righ of any tens in possessl n, with a applicable ases ands unity depos to be assi ed to Buye Sellers all provi app priat assign nts of lea certifle ent rolls, c ies of lea ,and tenan estoppel tters as ma be reaso able pri to cl menu will 8 be prom to closin 8. ADDITION L DOCUMENTS. The parties acknowledge that the Agreement will require compliance with local, State and Federal requiremenu and guidelines, including, when applicable and without limitation, IRPTA, FIRPTA, RESPA, etc. Seller shall also provide wch statements and affidavits as may be standard and reasonable so as to provide assurance to Buyer of the absence of certain matters that may either affect title to Premises or the Buyer's Intended use thereof. 9. REAL ESTATE 9ROKERAGE. It is acknowledged by the parties that the brokers or sales persons designated below have participated in this transaction in regards to representing the parties during their negotiations. 10. NON-BINDING EFFECT. It is acknowledged by the parties that, notwithstanding any statements heretofore made, all agreements, warranties, representations, or undertakings contained herein are of anon-binding effect, and the parties are not obligated to enter into any agreement to sell or purchase the Premises. The purpose of this Letter of Intent is merely to set forth the general understanding of the parties pending execution of the Agreement, and the terms of this Letter of Intent shall not serve to interpret or modify the terms of the Agreement. BUYER: Fax Number -- SELLER: __ Seller's Signature '- ~-'- Printed Name --`--~~ Street Address ~~ ~ ~ - - City, State and Zip `-- Social Security # ~~ - - Telephone Number ~~~----" -- Fax Number ---~--- Seller's Attorney __ Address - Telephone # __ - _----- - fax # __ -- ____ -_--Y"- Listing Broker/Agent Address - ----- -------------- - - Telephone # _ _ Fax # Buyer's Signature Printed Name Street Address _ City, State and Zip ~' Social Security # '- Telephone Number Fax Number Seller's Signature Printed Name - Street Address City, State and Zip --- Social Security # -~-- _ Telephone Number - '- -"-- Fax Number -- ------ Buyer's Attorney __ Address Telephone # ____ Fax # _ Selling Broker/Agent ~~ w~~ i? ~ , (~p.M >~ Address S! /B i/. M/g-~/ ~- _ Telephone # 3a~ __~~~- 1 gyp?.,, Fax # -_-~,LZ~.L- ~ `/7 -/,~~Z / ©..11M M~ ~ ova- ~~9c r!- THE PRINTED MATTER OF THIS CONTRACT HAS BEEN PREPARED AND APPROVED AS OF FEBRUARY 1995 UNDER THE SUPERVISION OF THE PEORIA AREA ASSOCIATION OF REALTORS® AND THE PEORIA COUNTY BAR ASSOCIATION. APPROVAL DOES NOT CONSTITUTE AN OPINION THAT THE TERMS AND CONDITIONS IN THIS CONTRACT SHOULD BE ACCEPTED BY THE PARTIES FOR A PARTICULAR TRANSACTION. Page 2 of 2 Buyers Initials PEORIA AREA ASSOCIATION OF REALTO0.5• /PEORIA COUNTY BAR ASSOCIATION COPYRIGHT 1995 (01/00- FORM NO 1 109 commllman) 109.pub Page 2 of Z __ Sellers Initials Social Security # ----~-~ 3mR- S`~7- 74Ro Telephone Number