HomeMy WebLinkAboutOrd 2551 12/10/1974
ORDINANCE NO. 2551
AN ORDINANCE DIRECTING THE EXECUTION OF
A CERTAIN AGREED ORDER PROVIDING FOR
THE PURCHASE OF CENTRAL SCHOOL PROPERTY
WHEREAS, the Corporate Authorities of the Village of Mount Prospect have deter-
mined that it is in the best interests of the Village of Mount Prospect to acquire by
condemnation and/or purchase certain real estate legally described as follows:
Parcel 1: Lots 1, 2, 3, 4, 5, 6, and 7 in Block 4 in Busse and Wille's
Resubdivision in Mount Prospect in the West Half of Section 12, Town-
ship 41 North, Range 11, East of the Third Principal Meridian; also
Parcel 2: Lot 14 in Block 4 in Busse and Wille's Resubdivision of part
of the East Half of the Northwest Quarter of Section 12, Township 41
North, Range 11, East of the Third Principal Meridian, together with
Lots 19 to 22, both inclusive, in Block 8 in Mount Prospect in the North-
west Quarter of Section 12, Township 41 North, Range 11, East of the
Third Principal Meridian, all in Cook County, Illinois;
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I which property, hereinafter referred to as "the Subject Property" , is commonly
known as the Central School properties located south of and immediately adjacent
to Central Road between Main and Emerson Streets, in Mount Prospect, Illinois, to-
gether with the following improvements presently located thereon:
Brick and reinforced concrete school building, having a basement
and three (3) floors; and
WHEREAS, the Corporate Authorities of the Village of Mount Prospect filed a cer-
tain condemnation suit in the Law Division of the County Department of the Circuit
Court of Cook County, Illinois, on June 21,1974, which suit has been designated
as "Village of Mount Prospect, a Municipal Corporation, Petitioner, vs. Mount
Prospect State Bank, a corporation of Illinois, as Trustee under the provisions of
a Trust Agreement dated May 24, 1969, and known as Trust No. 97, and Alexander
Magnus and Elizabeth Magnus, Defendants - No. 74 L 10004"; and
WHEREAS, the owners of the Subject Property and the Village have reached agree-
ment in the above named law suit; and
WHEREAS, said agreement is embodied in an "Agreed Order" , to be signed by all
of the parties to the aforesaid condemnation suit, which Agreed Order shall provide
for and regulate the transfer of title to the Village and the payment to the owners of
an award as full consideration for the Subject Property; and
, said Agreed Order provides for the payment of Six Hundred Seventy-five
($675,000.00) Dollars as a total purchase price and award to the owners;
, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES
THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That, pursuant to those powers vested in the President and Board
of Trustees of the Village of Mount Prospect under Article VII of the 1970 Constitution
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I for the State of Illinois, the acquisition of the Subject Property by the Village of
I Prospect in the amount of Six Hundred Seventy-five Thousand ($675,000.00) Dollars
I pursuant to the terms and conditions contained in an Agreed Order to be entered in
I Case No. 74 L 10004 be and the same is hereby approved.
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A.
That the Village President and the Village Attorney are hereby
authorized to execute and the Village Clerk is hereby authori-
zed to attest the aforesaid Agreed Order, a conformed copy of
which is attached hereto and hereby made a part hereof as Ex-
hibit I.
B.
That immediately upon conveyance of the Subject Property to
the Village of Mount Prospect pursuant to the terms of said
Agreed Order (Exhibit I hereto) , the Village Clerk is authori-
zed and directed to file the usual and necessary real estate
tax exemption certificates with the proper County officials.
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I SECTION TWO: That this Ordinance shall be in full force and effect from and after
I its passage, approval, and publication in the manner provided by law.
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I AYES:
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i!NAYS:
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:1 PASSED and APPROVED this 10th day of November, 1974.
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