HomeMy WebLinkAboutResolution #3220RESOLUTION N0. ~2C
A RESOLUTION APPROYIN6 AN AGREEMENT BETWEEN THE CITY OF CANTON AND
RALPH YOUNG AND DIRECTING THE MAYOR AND CITY CLERK TO EXECUTE AND
DELIVER SAID AGREEMENT ON BEHALF OF THE CITY OF CANTON, ILLINOIS.
WHEREAS, the City of Canton, Illinois has entered into
negotiations with Ralph Young for the sale of 1.896 acres in the
City's Enterprise Industrial District being Lot Number Twelve (12) of
the Enterprise Industrial Park; and,
WHEREAS, the City Council of the City of Canton, Illinois has
reviewed the terms of the proposed agreement, a copy of which is
hereto attached and made a part hereof as Exhibit "A"; and,
WHEREAS, the City Council of the City of Canton has determined
that it is desirable and in the best interest of the City of Canton to
enter into said agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CANTON, Fulton County, Illinois as follows:
1. That the agreement between the City of Canton and Ralph
Young, which is attached hereto and made hereof as Exhibit "A", is
hereby approved, said Agreement to be subject to and effective
pursuant to the terms and conditions set forth therein.
2. That the Mayor and City Clerk are hereby authorized and
directed to execute and deliver said agreement on behalf of the City
of Canton, Illinois.
3. That this Resolution shall be in full force and effect
immediately upon its passage by the City Council of the City of
Canton, Illinois.
PASSED by the City Council of the City of Canton, Fulton County,
Illinois at a regular meeting this 19~ day of AP~l 1994
upon a roll call vote as follows:
AYES: Aldermen Coay, Molleck, Phillips, Sarff, Meade, May, Chapman,
NAYS: None.
ABSENT: Alderman Bohlen,
APPROVED:
~~
ona d E. Edwards, Mayor
ATTEST:
N ncy Whit , City Clerk
3. POSSESSION: Possession of said premises to be given to the
Buyer upon execution and delivery of this agreement and receipt of the
first payment.
4. TAXES: General taxes for the year 1994, shall be prorated to
date of agreement with Seller responsible for taxes to that date.
Buyer agrees to pay, when due, all subsequent general taxes or special
assessments which may hereafter be levied against premises.
5. DEED: Upon complete payment and performance of the covenants
herein contained, Seller will deliver to Buyer a properly executed
Corporate Warranty Deed and Revenue Declaration conveying the premises
in fee simple to Buyer. Seller will be responsible for any transfer
tax applicable to this transfer.
6. TITLE EVIDENCE: Seller will provide Buyer with evidence of
title in the form of a preliminary commitment for title insurance,
showing merchantable title in Seller in accordance with the standards
of the Illinois State Bar Association, clear of all encumbrances
except as herein provided, within thirty (30) days hereafter, and
shall be examined by the Buyer's attorney within a reasonable time,
and if defects exist, a written opinion thereon furnished to the
Seller, who shall have a reasonable time thereafter, not exceeding two
(2) months, to correct curable defects therein. If such defects shall
not be cured within the time above limited or any written extension
thereof the Buyer shall have the option to accept the title as it then
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AGREEMENT FOR SALE OF REAL ESTATE
THIS AGREEMENT, made as of this day of , 1994
between the City of Canton, an Illinois municipal corporation,
hereinafter called "Seller", and Ralph Young, hereinafter called
"Buyer" witnesseth, that, if the Buyer shall first make the payments
and perform the covenants hereinafter mentioned on its part to be made
and performed, the Seller hereby covenants and agrees to convey and
assure to the Buyer in fee simple, free and clear of all encumbrances,
except as herein provided, by a good and sufficient warranty deed, the
following described real estate, to-wit:
Lot Number Twelve (12) of the Enterprise Industrial District
subject to all present and future easements of record and,
further, sub3ect to all restrictive covenants and/or land
use controls which Seller, or, Seller's successors and
assigns may place on said lot, situated in the City of
Canton, County of Fulton and State of Illinois.
1. PURCHASE PRICE: The Buyer hereby covenants and agrees to pay
to the Seller at the office of the City Clerk, City Building, 210 East
Chestnut Street, Canton, Illinois 61520 the sum of Nine Thousand Four
Hundred Eighty Dollars ($9,480.00) in the following manner: The sum
of $1,896.00 upon execution and delivery of this agreement, and,
payments of $1,896.00 each on or before the first, second, third, and
fourth anniversary date of this agreement.
2. CLOSING: Closing shall be on or before thirty (30} days after
the entire purchase price has been paid.
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exists, or to rescind this agreement and demand the return of all
monies paid by him. Upon completion of the transaction, if title
insurance be used, Buyer shall receive a title insurance policy,
insuring title to the real estate in the amount of the purchase price.
If Buyer so elects, a contract purchaser's policy may be issued after
closing. Seller shall be responsible for but one payment for a title
insurance policy.
7. DAMAGE: The provisions of the Uniform Vendor and Purchaser
Risk Act of Illinois shall apply to this contract.
8. WARRANTIES: Seller warrants as of the date of this contract
and within ten years of its execution neither it or its agent has
received any notice issued by any government authority of a dwelling
code violation concerning the property. The same representation
applies at time of closing.
9. USE RESTRICTIONS: Both Seller and Buyer agree that the subject
property is part of the Enterprise Industrial District being developed
by Seller. Buyer agrees to use the above described real property only
in conformity with City of Canton Zoning Ordinance (now codified as
Title 10, Chapter 1 through 20, inclusive, of the Canton Municipal
Code) as the same is now promulgated and as the same may hereafter be
amended. Buyer agrees to use the above described real property in
conformity with all applicable rules or regulations of the State of
Illinois environmental Protection Agency, of the Federal Environmental
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Protection Agency, and of the Federal Aviation Administration (with
respect to the height and placement of improvements on the subject
real property, as well as other associated matters).
10. RESTRICTIVE COVENANTS: Buyer recognizes that Seller is now in
the process of developing restrictive covenants and other land use
controls to be hereafter applied to the Enterprise Industrial
District, of which the above described real property is a part. Buyer
hereby irrevocably agrees that he shall take title to the above
described real property subject to any and all such restrictive
covenants or land use controls to be hereafter developed by the City
of Canton.
11. INSURANCE: Liability insurance with not less than combined
single limits of $500,000 shall be kept in force at the expense of
Buyer and notice of this contract given to all insurance companies
having insurance in force thereon. The Seller shall be listed as an
additional insured.
12. JOBS CREDIT: Still, further, both Seller and Buyer agree that
part of the mutual inducements forming a part of this Agreement is the
creation and retention of jobs in the Enterprise Industrial District.
Accordingly, Seller and Buyer both hereby agree that gross sales price
set forth on Page 1 of this Agreement shall be modified as follows: A
sum equal to $189.60 multiplied by the number of permanent jobs
created by Buyer one year from the date hereof shall be deducted from
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the aforesaid gross sale price. For purposes of this paragraph, a
"permanent job" shall be any job created by the Buyer and reported to
the State of Illinois by Buyer for State Income Tax purposes on the
first anniversary of this Agreement which is then permanently filled.
The number of such permanent jobs shall be certified to the Canton
City Council by the City of Canton's Community Development Department
and Buyer hereby irrevocably agrees to abide by the number of
permanent jobs so certified. Buyer agrees to make its books and
records available to the City of Canton, its officers and employees
for purposes of such certification. Such modification shall be made
by Seller within sixty (60) days after the first anniversary of this
Agreement. Seller shall, within such period, reimburse to Buyer that
portion, if any, of the gross sales price, computed as aforesaid,
without interest, within said sixty (60) day period.
Notwithstanding the foregoing, the gross sales price set forth at
Page 1 of this contract shall not be modified so as to fall below a
modified gross sales price of $3,792.00.
13. FAILURE TO CREATE JOBS: Both Seller and Buyer irrevocably
covenant and agree that part of the mutual consideration supporting
this Agreement is the Buyer's agreement to create existing jobs in the
Enterprise Industrial District or Buyer's agreement to create new jobs
in the Enterprise Industrial District. In the event that the Buyer
has not created or retained those permanent jobs represented by Buyer
to Seller to be created then Seller may, in its sole and exclusive
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option, declare this agreement a nullity and enter upon and retake
possession of the aforesaid premises without notice to Buyer and
without process of law.
Both Seller and Buyer covenant and agree that the covenants,
terms and conditions of this Agreement shall survive the closing
herein contemplated and shall continue to be binding upon each of said
parties.
14. NOTICE: Required notice shall be given in writing to any
party hereto by certified mail, return receipt requested, and deemed
served when mailed to the Buyer or Seller at the address shown on the
contract.
15. TIME OF ESSENCE: Time is of the essence of this agreement.
16. DISCLOSURES: Buyer and Seller agree to make all disclosures
and do all acts necessary to comply with the provisions of the Real
Estate Settlement Procedures Act of 1974. Buyer and Seller further
agree to make all disclosures and do all acts necessary to satisfy the
requirements of the mortgage lender or closing agent to permit
compliance with the provisions of the Internal Revenue Code and other
federal and state laws and regulations. In the event that either
party shall fail to make appropriate disclosures or take proper
actions when asked, such failure shall be considered a breach by that
party.
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11: IRPTA: The parties represent to each other that they have no
employees who may be at risk because of hazardous chemical exposure or
potential exposure on the premises and that there are no underground
storage tanks on the premises.
18. DEFAULT: If Buyer defaults, the Seller, at its sole option,
may either retain the earnest money as liquidated damages, or seek any
other remedy, legal or equitable. If the Seller defaults, the earnest
money, at the option of the Buyer, shall be refunded to the Buyer, but
the refunding shall not terminate the Buyer's right to seek other
legal or equitable remedies.
In the event of failure of the Buyer to perform as provided in
this agreement, Seller may enforce same by specific performance in
addition to other remedies.
19. LIENS: During the term of this agreement, the Buyer agrees
that no lien shall be allowed to attach to the premises. In the event
a lien be asserted, Buyer may contest same, but failing to pay or
failing to contest or unsuccessfully contesting and failing to pay,
the Seller may pay same and add the sum to the balances due hereunder.
The foregoing provision shall not apply to a mortgage lien provided
that Seller's interest may not be subordinated.
20. BINDING EFFECT: This agreement shall be binding upon the
heirs, administrators, executors, successors and assigns of the
respective parties.
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IN WITNESS WHEREOF, Seller and Buyer have executed duplicate
originals of this Agreement for Sale of Real Estate as of the date
first above-mentioned.
BUYER:
Ralph Young
BY:
DATE : ~- ~i ~ - J y
SELLER:
City of Canton, an Illinois
municipal corporation,
Its Mayor
DATE:
ADDRESS: 6655 Jaxel Road
Hereford, Arizona 85615
PHONE: (602) 318-2219
ADDRESS: 210 East Chestnut Street
Canton, Illinois 61520
PHONE: (309) 647-0065/0020
ATTEST: ~
Ctty er
(CORPORATE SEAL)
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w~u a e n
IN WITNESS WHEREOF, Seller and Buyer have executed duplicate
originals of this Agreement for Sale of Real Estate as of the date
first above-mentioned.
BUYER:
Ralph Young
SELLER:
City of Canton, an Illinois
municipal corporation,
BY:
Ralph Young
DATE:
ADDRESS: 6655 Jaxel Road
Hereford, Arizona 85615
PHONE: (602) 378-2219
BY:
Its Mayor
DATE:
ADDRESS: 210 East Chestnut Street
Canton, Illinois 61520
PHONE: (309) 647-0065/0020
ATTEST:
City Clerk
(CORPORATE SEAL)
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