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HomeMy WebLinkAboutOrd 4986 12/15/1998 ORDINANCE NO. 4988 AN ORDINANCE AUTHORIZING THE EXECUTION OF A REAL ESTATE PURCHASE CONTRACT TO ACQUIRE A PORTION OF DISTRICT NO. 1 REDEVELOPMENT PROJECT AREA IN THE VILLAGE OF MOUNT PROSPECT, ILLINOIS 12 WEST NORTHWEST HIGHWAY Passed and approved by the President and Board of Trustees the 15th day of December, 1998 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 16th day of December, 1998. VWL 12/15/98 ORDINANCE NO. 4986 AN ORDINANCE AUTHORIZING THE EXECUTION OF A REAL ESTATE PURCHASE CONTRACT TO ACQUIRE A PORTION OF DISTRICT NO. 1 REDEVELOPMENT PROJECT AREA IN THE VILLAGE OF MOUNT PROSPECT, ILLINOIS 12 West Northwest Highway WHEREAS, the Village of Mount Prospect is a municipality which exercises authority pursuant to Chapter 65, Act 5, Section 11-74.4-4.1 et seq. of the Illinois Municipal Code as set forth in the Illinois compiled Statutes, known as the "Tax Increment Allocation Redevelopment Act"; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect did adopt Ordinance No. 4970 entitled "An Ordinance Providing For The Purchase or Condemnation Of Land For Redevelopment Purposes In The Village Of Mount Prospect, Cook County, Illinois: 12 West Northwest Highway"; and WHEREAS, a Real Estate Purchase contract (the "Contract") has heretofore been submitted to the Village of Mount Prospect with regard to a portion of the District No. 1 Redevelopment Project Area; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have reviewed the Contract in substantially the same form and materially similar to Exhibit "A" which is attached hereto and made a part hereof, and finds that the Contract is in furtherance of the goals, objectives and purposes of the District No. 1 Redevelopment Project Area; and WHEREAS, pursuant to the provisions of Chapter 65, Act 5, Section 11-74.4-4.1 (c) of the Illinois Municipal Code as set forth in the Illinois Compiled Statutes, the Village of Mount Prospect is authorized to acquire property, real or personal, within the District No. 1 Redevelopment Project Area by purchase, donation, lease or eminent domain for the purposes of implementing said redevelopment project. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS; age 2 of 3 12 W. NW Hwy SECTION ONE: That it is hereby determined that it is necessary, proper and desirable that the Village of Mount Prospect acquire title to, and possession of, the real property being the subject of the Real Estate Purchase Contract, which is to be in substantially the same form and materially similar to Exhibit "A" which is attached hereto and made a part hereof. SECTION TWO: That having determined that the said Contract is in the best interests of the Village of Mount Prospect and find that the Contract is in furtherance of the goals, objectives and purposes of the District No. 1 Redevelopment Project Area, the Village President and Village Clerk are hereby authorized to execute the Real Estate Purchase Contract. SECTION THREE: That the Village President, Board of Trustees, Village Clerk, Village Manager, Village Attorney, Special Attorneys, officers and employees are hereby empowered to perform any act necessary to implement, carry out and give effect to the terms and provisions of said Contract. SECTION FOUR: That this Ordinance shall be in full force and effect upon its passage, approval and publication in pamphlet form in the manner provided by law. AYES: Clowes, Corcoran, Hoefert, Lohrstorfer, Nocchi, Wilks NAYS: None ABSENT: None PASSED and APPROVED this 15th day of December ,1998. Gerald L. Farley Village President ATTEST: Vel~a W. Lowe Village Clerk Page 3 of 3 12 W. Northwest Highway LEGAL DESCRIPTION: Lot 8 in Meyn's Subdivision of part of Block 16 in Mount Prospect, in the West ¼ of Section 12, Township 41 North, Range 11, East of Third Principal Meridian, in Cook County, Illinois. TAX I.D. NUMBER: 08-12-107-007