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HomeMy WebLinkAboutResolution #0959• RESOLUTION NO. 959 A RESOLUTION APPROVING A "LETTER OF INTENT" MADE BY BAR-V-ENTERPRISES WHEREAS, the Canton City Council has been presented with a "Letter of Intent" from BAR-V-Enterprises, a partnership, dated August 25, 1982, said letter of intent being hereto attached as Exhibit A; and, WHEREAS, the Canton City Council has this day considered and debated the merits of said letter of intent; and, WHEREAS, the Canton City Council is anxious to attract and retain business in the City of Canton. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CANTON, Fulton County, Illinois as follows: 1. That the "Letter of Intent" submitted to the Canton City Council by BAR-V-Enterprises and dated August 25, 1982, Exhibit A hereto, is hereby confirmed and approved by the City Council of the City of Canton, Fulton County, Illinois, subject, however, to the solicitation and receipt of written counter-proposals on or before September 7, 1982, and, further, subject to the terms and conditions set forth in said letter of intent, Exhibit A hereto. ~ 2. That the Mayor, City Attorney, and all other City officers and officials are hereby instructed and directed to proceed with all deliberate speed in the consumation of the transaction contemplated by Exhibit A. 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 at a special meeting this 25th day of August, 1982, upon a roll call vote as follows: AYES: Aldermen Horr, Larsen, Carl, Grant, Sarff, Savill, Hammond, Kovachevich, Mayor Edwards NAYS: None. ABSENT: None. APPROVED: (Donald Edwards) , Mayor. ATTEST: ~ , (Na cy Whi s), City Clerk. TO: Honorable Mayor and City Council FROM: BAR-V-Enterprises SUBJECT: Letter of Intent Gentlemen: BAR-V-Enterprises, a partnership, makes this proposal to the City of Canton with the intent of locating new business within the Central Business District/Tax Increment Area: 1. In consideration of the City's assistance as herein set forth, BAR-V-Enterprises proposes: a. To locate a wood products workshop and retail store in the building commonly known as the "Hadsall" building, 65 South Main Street, Canton, Illinois, and agree to refurbish the building, inside and out, at an estimated expenditure of $20,000.00 to $40,000.00, with the bulk of such expenditure to be applied to re- furbishing the roof and exterior of the building. In the event of the failure of the business, all improvements shall become the pro- perty of the City~and BAR-V-Enterprises, its successors and assigns shall have no claim against the City by reason of such improvements. b. The City will sell the Hadsall building to BAR-V-Enter- prises pursuant to a contract for sale of the real property and improvements. Certain of the items to be covered by said contract are as follows: 1. The purchase price is $1.00. 2. The improvements and repairs to be made are to be set forth in detail. The outside improvements shall be completed by January 1, 1983. The busi- ness is to be open by April 1, 1983. 3. If BAR-V-Enterprises resells the real property and improvements within five (5) years from the date of closing, BAR-V-Enterprises will pay the City the now current fair market value of the property, which amount is to be set forth in the contract. The amount is to be evidenced in a note and mortgage. Resolution # g~g , Exhibit A, Page 1. .~ 4. BAR-V-Enterprises guarantees the payment of general real estate taxes. It agrees that it will not protest the taxes in a minimum amount to be set forth in the contract. 5. BAR-V-Enterprises agrees to comply with all re- levant codes of the City such as zoning, building, and health codes. 6. In the event that BAR-V-Enterprises changes its use of the building to one which is not in accord- ance with now current codes, or defaults in payment of the real estate property taxes, or is found to be in violation of City codes, or permits liens to attach to the premises which are not appropriately contested or paid, and said violations are not corrected within ninety (90) days, or the premises are left vacant for a period of ninety (90) days, the real estate and improvements shall revert to the City without any cost to the City. An escrow will be established in which a warranty deed to the City is held. This provision will apply for a period of five years. 7. If the BAR-V-Enterprises complies with the provisions of the contract for a period of five (5) years, the note and mortgage set forth in paragraph 3 will be forgiven. 8. No materialman's, mechanics or other laborers lien shall be attached to the premises. BAR-V-Enterprises agrees to pay all utilities on the premises during the term of said contract, saving the City whole and harmless therefrom. 9. Such other provisions are mutually acceptable to the parties. Dated at Canton, Illinois this 25th day of August, 1982. BAR-V-ENTERPRISES, (Victor. Mason) (Barbara A. Mason) Resolution # 959 Its Partners . Exhibit A, Page 2. _~ ,. CER ~ EI CATE S,'~,';~ OF ILLI~:OIS, ) SS. COs~'iTY Or FUL T 0?J . } I, Nancy ,•;Hiles, City Cler< of the City of Canton, in the County of Fulton and State o- Illinois, do heresy ce rti~y that as the City Clerk of the City of Canton, I an the keeper o~ recar4s, Pinutes, ordinances and other books, records and papers of said City, ar:d lh?t the foregoing is a true and correct copy o--"": RESOLUTION # 959 A RESOLUTION APPROVI;IG A "LETTER OF INTENT" MADE BX BAR-U- ENTERPRISES. t adopted by the City Counci I o s s? i a z ~~.~ and .approved by the Mayor thereof • on the ~'-h day of August , I9 82 :;ITi~SS -:y hand and the C~rpor~~~ ~~al ar' the City of Canton, Illinois this, 26th day of ~ August I9 _ 82 ,ti?~~,/ :-;hit ,City Clerk. (SEAL)