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HomeMy WebLinkAboutOrdinance #0898~ ~ ~~~ ORDINANCE NO.~~ AN ORDINANCE APPROVING A PURCHASE AGREEMENT BETWEEN FRANCIS L. HADSALL AND THE CITY OF CANTON, ILLINOIS AND AUTHORIZING AND DIRECTING THE MAYOR AND CITY CLERK TO EXECUTE SAID AGREEMENT ON BEHALF OF THE CITY OF CANTON. WHEREAS, the City of Canton has undertaken a program for the recon- struction and redevelopment of a Redevelopment Area known as the Central Business District in Canton, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, appearing in Chapter 24, Section 11-74.4-1 et seq. of the Illinois Revised Statutes of 1979, hereinafter referred to as the "Act"; and WHEREAS, pursuant to the provisions of the Act, the City of Canton adopted a Redevelopment Plan and Redevelopment Project, as amended, pertaining to the redevelopment of the Redevelopment Area, which Redevelopment Plan and Redevelopment Project, as amended, was approved by the City Council of the City of Canton on December 27, 1977; and WHEREAS, Francis L. Hadsall is the owner of a certain parcel of real property located in the Redevelopment Area in the City of Canton which is described in the Purchase Agreement attached hereto and made a part hereof as Exhibit A, which property as so described is hereinafter referred to as the "Property"; and WHEREAS, the City of Canton is empowered to purchase the property pursuant to the provisions of the Act; and WHEREAS, in order to enable the purchaser to achieve the objectives of the Redevelopment Plan and Redevelopment Project, as amended, in accordance with the uses set forth therein, Francis L. Hadsall has agreed to sell the property to the City of Canton and the City of Canton has agreed to purchase .. ~ , the property from Francis L. Hadsall on the terms and conditions set forth in the Purchase Agreement; and WHEREAS, to enable the City of Canton to proceed, it is necessary that a Purchase Agreement between Francis L. Hadsall and the City of Canton be executed by the City of Canton. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS, AS FOLLOWS: 1. That the Purchase Agreement between Francis L. Hadsall and the City of Canton, Illinois, which is attached hereto and made a part 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 is hereby authorized and directed to execute and the City Clerk is hereby authorized and directed to affix the seal of the City of Canton thereto and to attest the Purchase Agreement between Francis L. Hadsall and the City of Canton, Illinois; and said Mayor and City Clerk are hereby authorized and directed to cause said Agreement to be delivered to, accepted and executed by Francis L. Hadsall. 3. That all ordinances, resolutions and agreements, or parts thereof, in conflict with the provisions of this Ordinance, are, to the extent of such conflict, hereby repealed and this Ordinance shall be in full force and effect immediately after its passage by the City Council of the City of Canton, Illinois and approval by the Mayor thereof. PASSED by the City Council of the City of Canton, Illinois and APPROVED by the Mayor thereof this (p'~ day of ~ i 1~_, 1981 APPROVED: ~~~ MAYOR DO ALD E. EDWARDS ~'~ ~ i ` , ATTEST: ~ CITY CLERK ~ ;~~ 11:x.'. 1 ! `. ~~-.. r,~'LG ~~ ` NANCY S~ WHITES -2- '~'v'RC:-iASE AGREEMENT THIS AGREEMENT, made and e:~=eree into this day of , 1981, by and between FRARCIS L. i'~=.~SA~E, an individual, residing at 609 W. Walnut Street, Canton, Illinois, hereinafter referred to as the "Seller", and the CITY OF CANTON, a mu_Zicipa? corporation, having its office at 210 East Chestnut Street, Cantcn, Illinois, hereinafter referred to as the "Purchaser". 1'~'_'~r_.cSET WHEREAS, the Purchaser his ~.yndertaken a program for the reconstruction and redevelopment of a Redevelo_-e:~t Area known as the Central Business Dis- trict in Canton, pursuant to the ?~a'_ Property Tax Increment Allocation Redevelopment Act, appearing ir. ~hao~er 24, Section 11-74.4-1 et seq. of the Illinois Revised Statutes o= _97?, _ereinafter referred to as the "Act"; and WHEREAS, pursuant to the Movisions of the Act, the Purchaser adopted a Redevelopment Plan and r_edevelc_-e:;t ?roject, as amended, pertaining to the redevelopment of the Rece-relc_-ant urea, which Redevelopment Plan and Redevelopment Project, as a_::~nde:, ,•ras approved by the City Council of the City of Canton on Decer:~er 27 , ..,~ ;' ; a^d WHEREAS, the Seller is t::e ~..-°^ of a certain parcel of real property located in the Redevelo~-:en~ Ar_~ -~ ~~.°_ City of Canton which is described in Exhibit A attached here~o a-:~ -.ice a part hereof, which property as so described is hereinafter re.er_~~ .c as the "Property"; and WHEREAS, the Purc^ase~^ is ~-.~osrer2d to purchase the property pursuant to the provisions of the Ac.~; a-~d WHEREAS, in order tc e::aJ le -'~ ~'srchaser to achieve the objectives of the Redevelopment Plar a~:~ Re~'e•:~=cc~ent Project, as amended, in accordance _ y with the uses set forth therein, the Seller has agreed to sell the property to the Purchaser and the ~rchaser has agreed to purchase the property from the Seller on the terms anc co~,ditions hereinafter set forth. NOW, THEREFORE, in consideration of the covenants and conditions hereinafter contained and ocher good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 1. ,WARRANTY DEED Ai~° CO'~DITIONS. The Seller agrees to sell the property to the Purchaser at the price and on the terms and conditions set forth herein, and to co..vey to the Purchaser title to the property by a recordable warranty deed s°.~bject only to, at the time of closing, general real estate taxes, f any, not yet due and owing as of the date of closing. 2. PURCHASE PRICE. The purchase price for the Property shall be Forty Eight Thousand Five ~u-~dred Dollars ($48,500.00). Said purchase price shall be paid by the issuance o_ Tax Increment Allocation Bonds, pursuant to the Bond Purchase Contrac~ sated , 1981, and an ordinance author- izing and providing for the issuance of $48,500 Tax Increment Allocation Bonds (Central Business District =ede:°elopment Project Area), Series 1981, of the City of Canton, Fulton Cour=~, =llinois. 3. CONDITIONS. The clcsing on the purchase of this property by the Purchaser is contingen~ -1pon: A. The acceptance ~ the Seller of the Bonds pursuant to the Bond Purchase Contract dated 1981; and B. Fulfillment of L~~:e other terms of this Agreement. 4. ABSTRACT. An A_,stract shoc~.ing a merchantable title in the Seller at the date of conv_,~arice shall be furnished by the Seller for examination by the Purchase^ not less than fiftreen (15) days before closing. -2- If the Abstract discloses objections relating to the title, the Seller shall have the objections renove~. _: t^e Seller fails to have the objections removed, the Purchaser may ter-~inaLe t~~is Agreement or may elect, upon notice to the Seller, to t=_`.<e t_-1e as == then is with a right to deduct from the purchase price, liens c- encu~.~=^ances of a definite or ascertain- able amount. 5. CLOSING. Provided t=~=_ conditions of this Agreement have been met, the closing shall ta::e puce on .~7ay 1, 1981, or on such other date as may be mutually agreed upon by t:ae parties hereto in writing. 6. TAXES. At the ti-,e o= closing, the Seller shall deliver to the Purchaser an amount re_,~ired a:?r determined by the Purchaser• to be necessary to pay the cure=^:~ r~a~ esta.e taxes on the property to the date of closing. 7. DAMAGES. In ~:~~ ~v~n. o. t__^_e default of either party to this Agreement, neither party.s.al_ =._._ aa- claim against the other for monetary damages. _ 8. NOTICES. A11 ro__c=~ :-_'~i'_"ed by this Agreement shall be in writing and shall be by _erscra_ 3e1_very or by certified mail, return receipt requested, and s^a=' :^e cee-~e~ to be given on deposit in a U.S. postal facility. The ade_e_se_ c= t=_e _arties are as follows: Sells ~ : _ ra.~cis L. Hadsall 5 v? W . ~~lalnut Street Canon, IL 61520 Purc:;ase^: C_`^ of Canton 2_~ E. Chestnut Street Canon, IL 61520 9. ASSIGNMENT. '_~~ ~ssi=--~-:~ o= this Agreement shall be made by either party without t... pr_c~^ ~,__-_=n consent of the other party. ~. 10. REMOVAL OF EFFECTS. The Seller shall have as much as sixty (60) days from the execution of these presents to remove his effects from the subject premises. This clause shall not be in- terpreted to give Seller t^e right to remove fixtures and other immove- ables from the subject premises. 11. BINDING AGREE':E~tT. This Agreement shall be binding upon the parties hereto and their heirs, administrators, executors, successors and assigns. IN WITNESS WHEREOF, the Seller has signed and sealed this Agreement and the Purchaser has caused this Agreement to be executed in its name and on its behalf by the t•Sayor of the City of Canton and attested to by the Clerk of the City of Canto^~ and the official seal of the City of Canton to be hereunto affixed, all as of the day first above written. SELLER: FRAiiCIS L. HADSALL PURCHASER: BY : ~'Li~'iz.ace.~ DONALD E. EDWARDS, MAYOR. ATTEST: NANCY S. WHITES, CITY CLEF.:" -~+- . ... J};-I3IT A PART OF THE WEST HALF ('ri2) ~^ L~= `tif;3E? FORTY-SIX (46) IN JONES' SECOND ADDITION TO CANTON, FULTON COUIt-%, IJJl';OIS, DESCRIBED AS FOLLOWS: Commencing at a point 34 f2=~ a-~: 1L inc:Les South of the Northwest corner of said Lot 46, thence rurr._-~g S::~st~ ~7 feet and 8 inches, more or less, on the West line of said Lot to the So~i~hwest corner of said Lot, thence run- ning East on the South lire o= " id Lot, 78 feet, thence running North 47 feet 8 inches, more or less, to a ~oirt 34 feet 11 inches South of the North line of said lot, thence 'rest 78 feet to the place of beginning; together with all the right, title an'? ?merest of the said Grantor, in reversion or otherwise, including all right, tine or interest in and to the following described real estate, purporti~?g to have been conveyed by quit claim deed, dated September 19, 1889 to the vit~r corporate of Canton by instrument num- ber 103699, recorded June 22, 189_, in Volume 170 at pages 614 and 615 of the Land Records of Fulton Co~nt1, Illinois, for the purpose of an alley or otherwise, to-wit: The East 42 =eat o= the South 47 feet 8 inches of the West half of said Lot 46; meanin_ ad intending hereby to convey and quit claim all of the right, tit?? are interest of the said grantor, either at law or in equity in said last desc^i=.ed premises.