HomeMy WebLinkAboutResolution #1039RESOLUTION N0. 1 C 3 9
A RESOLUTION APPROVING AN AGREEMENT BETWEEN THE CITY OF CANTON AND THE FIRM
OF PRECISION ENERGY SYSTEMS, INC. AND DIRECTING THE MAYOR AND CITY CLERK TO
EXECUTE SAID AGREEMENT ON BEHALF OF THE CITY OF CANTON.
WHEREAS, the City of Canton, Illinois has entered into negotiations
with Precision Energy Systems, Inc. for the sale of Lot 23 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 attached hereto and
made a part hereof as Exhibit A; and,
WHEREAS, the City Council of the City of Canton, Illinois has determined
that it is desirable and in the best interests of the City of Canton to approve
said agreement.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CANTON,
ILLINOIS, AS FOLLOWS:
1. That the Agreement between the City of Canton and Precision Energy
Systems, Inc., 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 and the City Clerlc of the City of Canton, Illinois
are hereby authorized and directed to execute said agreement on behalf of
the City of Canton.
3. 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
this _~_ day of ~ ~y 1984 upon a roll call vote as follows:
AYES: Aldermen May, Carl, Workman, Sarff, Savill, Kovachevich.
NAYS: Alderman Horr.
ABSENT: Alderman Hammond.
APPRO
~2 ,
Donald Edwards, Mayor.
ATTEST:
ancy W tes, City Clerk.
AGREEMENT FOR DEED ` ' `~ ~~
ARTICLES OF AGREEMENT, made as of this 17th day of July A.D. 1984
between The City of Canton, an Illinois municipal corporation, hereinafter
called "Seller", and Precision Energy Systems, Inc., an Illinois corporation,
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
merchantable 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 twenty-three (23) of the Preliminary Plat
of the Enterprise Industrial D~.strict, dated
July 17, 1984, situated in the City of Canton,
County of Fulton and State of Illinois, subject
to all easements, covenants, and restrictions.
-1-
EXfiIBIT "A" ,
RESOLUTION N0. 1039
And the Buyer hereby covenants and agrees to pay to the Seller at the
office of the City Clerk, City Building, 210 E. Chestnut St., Canton, I1. 61520
the sum of Twenty Thousand Eight Hundred Dollars ($20,800.00), in the manner
following: the sum of One Thousand Six Hundred Sixty-four ($1,664.00)
Dollars, cash on or before the date of delivery hereof, receipt whereof is
hereby acknowledged, and the balance of $ Nineteen Thousand One Hundred Thirty-six
Dollars without interest payable in Four (4) equal installments of $ 4.784.00
each, with the first such payment due
the 1st day of September, 1985 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 in 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 MUTU~LY AGREED, By and between 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.
-2-
Both Seller and Buyer agree that the subject property is part of an
industrial site or park now 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, Chapters 1 thru 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 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 any 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 retention
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 $416.00 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 certified 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 agrees
-3-
to make its books and records available to the City of Canton, its officers
and employees for purposes of such certification.
Buyer hereby irrevocably agrees that it shall not file either a copy of
this Agreement or any memoranda hereof with the Fulton County Recorder. Still
i
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 '.liquidated 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 escrow 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. Such 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
-4-
of this Agreement contains 4.16 acres, more or less, and that such measure
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 10% from 4.16 acres 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: Precision Energy Systems, Inc.
519 Lunt
Schaumburg, IL. 60193
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 $8,320.00.
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.
Seller to provide sewer and water services to the above described real
property not later than September 30, 1984.
-5-
~.
IN WITNESS WHEREOF, Seller and Buyer have executed duplicate originals of
this Agreement For Deed as of the date first above-mentioned.
BUYER:
Precision Energy Systems, Inc.,
an Illinois corporation,
BY:
Its President.
SELLER:
City of Canton, an Illinois municipal
corporation,
BY:
Its Mayor.
Date: July 17 1984 Date: July 17 1984
Address: 519 Lunt Address: 210 East Chestnut Street
Schaumburg, IL: 60193 Canton, IL. 61520
Phone: (312) 9.80-6979 Phone: (309) 647-0065/0020
ATTEST:
Corporate Secretary.
(CORPORATE SEAL)
ATTEST:
City Clerk.
(CORPORATE SEAL)
-6 and last-