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HomeMy WebLinkAboutResolution #1192p ~ ~J !, . ~; 7 c RESOLUTION NO. 1192 A RESOLUTION APPROVING AN AGREEMENT FOR SALE OF LAND FOR PRIVATE DEVELOPMENT MADE BY AND BETWEEN THE CITY OF CANTON AND MIDWESTERN SAVINGS ASSOCIATION. WHEREAS, the City of Canton has determined that it is necessary and in the best interest of the City of Canton to enter into the attached Agreement For Sale Of Land For Private Development. NOW, THEREFORE, be it resolved by the City Council of the City of Canton, Fulton County, Illinois, as follows: 1. That the Canton City Council hereby finds the foregoing recital to be fact. 2. That the attached Agreement For Sale Of Land For Private Development, Exhibit A to this Resolution, be, and the same hereby is, approved by the Canton City Council. 3. That the Mayor and City Clerk are hereby authorized and instructed to execute and deliver the same on behalf of the City of Canton. 4. 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 20th day of January , 1987, upon a roll call vote as follows: AYES: Aldermen Workman, Sarff, Steck, Zilly, Kovachevich. NAYS: Aldermen Chapman, May, Bohler. ABSENT: None. APPROVED: ,/~ i .r ' ' ,~ , Donald E. Edwards, Mayor. ATTEST: a y Whi ~ s, City Clerk. (AGREEMENT NO. ) AGREEMENT FOR SALE OF LAND FOR PRIVATE DEVELOPMENT This agreement is made as of the 20th day of January , 19~~, by and 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 Midwestern Savings Association, an Illinois corporation, (hereinafter called "Buyer") and having its office for the transaction of business at 2 East Elm Street, Canton, Illinois. WITNESSETH: WHEREAS, 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, Ch. 24, §11-74.4-1 et. seq. I11. Rev. Stat (1985) (hereinafter referred to as the "Act"); and, WHEREAS, the City has the power to dispose of the property for private development 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, WHEREAS, the City believes that the redevelopment of the Property pursuant to this Agreement is in the vital and best EXHIBIT A to Resolution No. 1192 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, THEREFORE, in consideration of the premises and the . mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: SEC. 1 PROPERTY: SALE AND PURCHASE PRICE; DEVELOPMENT The Property to be conveyed as a result of this Agreement shall consist of the land and improvements thereon described in Schedule A. Subject to all the terms, covenants and conditions of the Agreement, the City will sell the Property to Buyer for, and Buyer will purchase the Property from the City and pay therefore, the sum of $1,300.00 hereinafter called "Purchase Price", to be paid in the following manner: (a) By full payment of $1,300.00 within 30 days of the date of this agreement. '~ ~' SEC. 2 CONVEYANCE OF PROPERTY (A) Form of Deed. The City shall convey to Buyer title to the Property by Corporate Warranty 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) 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; -2- (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, covenants, and conditions in the tax increment Redevelopment Plan for the Centr,~l 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 the date of this agreement. Conveyance shall be made at the principal office of the City. (C) Payment of Taxes and Assessments. 1987 real property taxes and special assessments, and all subsequent taxes and special assessments, if any, shall be paid by the Buyer. 1986 taxes, due and payable in 1987, 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 documents required under this agreement, and the full 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 commitment 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 reservations, encumbrances or exceptions found in the current Chicago Title Insurance Company ALTA Homeowner's Commitment or defects as are permitted by the Buyer. If such title commitment 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. -3- 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 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 from the date of the commitment is furnished, this agreement shall become null and void without further action of the parties. Buyer shall have no further cause of action or claim against the City. (F) 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. SECTION 3. NOTICES AND DEMANDS. A notice, demand, or other communication 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 Midwestern Savings Association at 2 East Elm Street, Canton, Illinois 61520; (ii) in the case of the City, it is addressed to or delivered personally to the City at 210 East Chestnut Street, Canton, Illinois 61520, 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. SECTION 4. The parties to this Agreement recognize that the City is or may be lawfully empowered to conclude this transaction only upon the City's completion of certain requirements set forth in the Act. Additionally, the parties recognize that the Act specifically contemplates that the City may wish to, or, be required to, accept some alternative proposal for use of the Property. -4- Accordingly, this Agreement and the City's obligations under this agreement are specifically made subject to all provisions of the Act, especially the provisions of Section 4(c) of the Act (Ch. 24, X11-74.4-4(c), I11. Rev. Stat. 1985). . SECTION 5. This Agreement shall be binding on the successors and assigns of the parties hereto. IN WITNESS WHEREOF, THE PARTIES HAVE CAUSED THEIR SIGNATURES TO BE AFFIXED HERETO ON THE DATE AFORESAID. CITY OF CANTON, ILLINOIS BY: Mayor ATTEST: City Clerk BUYER: MIDWESTERN SAVINGS ASSOCIATION BY: ATTEST: Corporate Secretary. Its Agent, Duly Authorized. -5- SCHEDOLE A The South 18 feet of the North 25 feet of the West 77.50 feet of Lot Number 44 in Jones Second Addition to the City of Canton, Fulton County, Illinois. Common Address: Approximately 19 S. Main St. Canton, Illinois 61520