HomeMy WebLinkAboutResolution #1136a 1
RESOLUTION NO. 116
A RESOLUTION APPROVING AN AGREEMENT BETWEEN THE CITY OF CANTON AND
B & K SPECIALTY CASTING COMPANY, .A IdISSO~JRI CORPORATION.
WHEREAS, the City of Canton, Illinois has entered into negotiations
with B & K Specialty Casting Company for the sale of 4.914 acres
in the City's Enterprise Industrial District; 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, Illinois has
determined that it is desireable 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 B & K
ecia Castin om an , which is attached hereto and made a --
~P ~ ~ ~k ~ F y -
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 and City Clerk are hereby authorized and directed
to execute and deliver said Agreement on behalf of the City of Canton.
3. That this Resolution shall be in full force and effect immedi-
ately 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 ~~ special meeting this 24th day of Januar~~ ,
19 86 , upon a roll call vote as follows:
AYES: Aldermen Kovachevich, Zilly, Steck, Sarff, k7orkman,
Bohl er , .Zay , Chapman ,
NAYS: None.
ABSENT: None.
APPROVED:
~' , ;, ~
t f c '_
onald E. Edwards, Mayor.
ATTEST:
. Nan Whit , City Clerk. ~
AGR~VT FOR DEID ~i ~. ~
ARTICLES OF AGREII4ETTr, made as of this 24th day of January ,
19 86 between The City of Canton, an Illinois municipal corporation, hereinafter
called "Seller", and B & K Specialty Casting Company, a I:issouri corporation ,
hereinafter called :.'Buyer" witnesseth, that, if the Buyer shall first make the _
• payments and perform the owenan~s hereinafter mentioned an its part to be
• made and performed, the Seller hereby covenants and agrees to convey merchant-
able title to the Buyer by a good and sufficient Quit-claim Deed, the lot,
pieces, or parcel of ground, situated in the City of Canton, County of Fulton
and State of Illinois, described as follows, to-wit:
Lot Number Eighteen (18)'of'the Enterprise
Industrial District pursuant to the Subdivision
Plat thereof filed in .the Fulton County (Illinois)
Recorder's Office on October 26, 1984, as
Instrtmient Number 84-8960, subject to all
easements of record, and, further, subject to
all restrictive covenants and/or land use
controls which Seller, or, Seller's successors.
and assigns may place on said Lot #18, all "'
being situated in the City of Canton, County
of Fulton and State of Illinois.
RESOLUi ION I~10 .
EXF~iIBIT A
And the buyer hereby covenants and agrees to pa}• to the Seller at the
office of the Cit. Clerk, City Building, 210 E. Chestnut St., Canton, Il. 615:0
the sum of T~nty-_foL_r Thousand Five Hundred Seventy Dollars in the manner
following; the sum of Four Thousand ~;ine Hundred Fourteen (Y4,91~.00)
Dollars, cash on or before the date of delivery hereof, receipt ct)'ereof is
hereby acknowledged, and the balance of $ 19,656.00 •~
without interest payable in Four (4) equal installments of $ 4,91 4..00
each, with the first such payment due
the 24thday ofJa~nuary , 198 7 and with like payments to be due on the first
day of each and every year thereafter succeeding until paid in full, and to
. pay all general taxes and special assessments or impositions that may be legally
levied or imposed upon said land, subsequent to the date hereof. And is case
of failure of the Buyer to make either of the payments, or any part thereof,
or perform any of the covenants on its part hereby made and entered into, this
contract shall, at the option of the Seller, be forfeited and determined, and
the Buyer shall forfeit all payments made by it on this contract and such _
payments shall be retained by the Seller in full satisfaction and in liquidation
of all damages by it sustained and it shall have the right to re-enter and
take possession of the premises aforesaid. -
Possession to be given upon execution and acceptance by Buyer. A title
insurance policy in owner of record at date of conveyance shall be furnished
by Seller for examination by Buyer not less than sixty (60) days before final
payment.
IT IS MUTUj~j.LY AGREED, By and ~betweea the parties hereto, that time of
payment shall be the essence of this contract and that all the covenants and
agreements herein contained shall extend to and be obligatory upon the heirs,
executors, administrators and assigns of the respective parties.
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Both Seller and Buyer agree that the subject property is part of an
industrial site or park now being developed b~• Seller. Buyer agrees to
use the above described real property only in conformity with City of
Canton Zoning Ordinance (now codified as Title 10, Chapters 1 thry 20,
inclusive, of the Cantoa Municipal Code) as the same is nos.• promulgated
• and as the same may hereafter be anended.~~-Buyer agrees to use the
above described real property in conformity with all applicable rules
or regulations of the State of Illinois Environmental Protectioa Agency,
of the Federal Environmental 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).
Buyer recognizes that Seller is now in the process of developing
restrictive covenants and other land use controls to be hereafter applied
to the aforesaid industrial site or park, of which the above described -
real property is a part. Buyer hereby irrevocably agrees that it shall
take title to the above described real property subject to aay•and all
such restrictive covenants or land use controls to be hereafter developed'
by the City of Canton.
Still further, both Seller and Buyer agree that part of the mutual
inducements forming a part of this Agreement is the creation and reteation
of jobs in the Canton Enterprise Zone. Accordingly, Seller and Buyer both
hereby agree that the gross sales price set forth on Page 2 of this •
Agreement shall be modified as follows: A sum equal to $ 491._40 multiplied
by the number of permanent jobs created by Buyer one year from the date here-
of shall be deducted from the aforesaid gross sale price. For purposes of
this paragraph, a "permanent job" shall be any job created by 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 filled. The number
of such permanent jobs shall be certif ied to the Canton City Council by. the
City. of Canton's Community Development Director and Buyer hereby irrevocably
agrees to abide by the number of permanent jobs so certified. Buyer agree
i
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' to make its books and records available to the City of Canton, its officer:
and employees for purposes of such certification.
Buyer hereby irrevocabl}• agrees that it shall not file either a cop}• of
this Agreement or any memoranda hereof with the Fulton County Recorder. Still
further, Buyer irrevocably agrees:that it shall not permit any lien or
encumbrance, to include any mortgage, to be placed upon the above described
real property without first obtaining Seller's written consent thereto.
In the event of Buyer's default'in the premises hereof, and notwithstanding
any of the foregoing provisions relating to.`.iigiiidated damages,~:Buyer hereby
irrevocably agrees that Seller shall, by operation of law, become the sole
- and exclusive owner of any and all improvements placed upon the above described
real property by or at the direction of Buyer. Further, Buyer hereby agrees
to place in escro~• with Seller, within 10 days of the date hereof, a good
and sufficient Quit-claim Deed, in form satisfactory to the Canton City Attorney,
for Seller's filing in the Fulton County Land Records in the event of default
by Buyer in the premises hereof.
This Agreement shall be accepted in writing by Buyer within 14 days of
the date hereof. Acceptance, within the meaning of this paragraph, shall be ---
deemed to have been made by Buyer upon Seller's receipt of a fully executed
original of this Agreement at Seller's address of record as more fully set
forth herein. Prior to acceptance by Buyer, Seller reserves the absolute
right to unilaterally cancel or rescind this Agreement. Sucb cancellation
or rescission shall be effective as of the date.~.and time Seller deposits
written notice thereof in the United States Mail at Canton, Illinois.
Both Seller and Buyer acknowledge that the legal description of the
subject real property set forth on page 1 of this Agreement is a tentative
legal description and is specifically subject to questions of survey. Still
further, Buyer recognizes that the subject property described on page ~1
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i ~
of this Agreement contains 4.914acres, more or less, and that such measur:
of acreage is not precise. Accordingly, Buyer agrees to accept a deed to
property in substantially the configuration as set forth in Exhibit A hereto
attached, which total area shall not vary by lOX from 4.914acres in area.
The parties recognize and agree that a more accurate and precise legal
description shall be forthcoming when the industrial site or park, of which
the above described real property is a part, is officially subdivided and
filed of record with the Fulton County Recorder.
notice shall be given to any party hereto by United States Mail, certified
mail, return receipt requested, and directed to the following addresses:
' To Seller: City Clerk
City Building
210 East Chestnut Street
Canton, Illinois 61520
Any notice given to the Seller shall include an informational copy, mailed
as aforesaid, and addressed to the attention of the City Attorney at the
above stated address.
To Buyer: •~B & K Specialty Casting Co.
c/o Farmers State Bank of Fulton County
ATi'1i : 2 Zr . R. ~7. Ketchtun - -
Box 231 ~'
Lewistown, IL. 61542
OTHER TERMS AND CONDITIONS:
Notwithstanding the provisions of this Agreement found at page 3 hereof,
the gross sales price set forth at page 2 of this Agreement shall not be
modified so as to fall below a modified gross•sales price of 59,828.00.
The annual payments provided for at page 2 of this Agreement shall be
proratably reduced as of the first anniversary of this Agreement in the same
ratio as the modified sales price set forth at page 3 of this Agreement bears
to the gross sales price set forth at page 2 of this Agreement.
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. , .
Ir' WIT:dESS WHEREOF, Seller and Buyer have executed duplicate originals of
- this Agreement For Deed as of the date first above-mentioned.
BUYER:
B & K Specialty Casting Co.,
a Missouri corporation,
BY:
SELLER:
City of Cantoa, an Illinois municipal
corporatioa,
BY:
Its President. Its Mayor.
Date: January 24 , 198 Date: January 24 , 1986
--- Address: 4101 St. Clair Ave. - Address: 210 East Chestnut Stzeet
P.O. Box 3188. - .. Cantoa, IL. 61520 .. .
Fairview Heights, IL 62208
Phone: (618) 271-0923 Phone: (309) 647-0065/0020
ATTEST: ATTEST:
Corporate Secretary. City Clerk. .
(CORPOTJ~TE SEAL) (CORPORATE SEAL)
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