HomeMy WebLinkAboutOrd 2383 10/17/1972
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ORDINANCE NO. 23 ~.l
AN ORDINANCE PROVIDING FOR THE PURCHASE OF
108-110 EAST NORTHWEST HIGHWAY
MOUNT PROSPECT, ILLINOIS
WHEREAS, the corporate authorities of the Village of Mount Prospect
have determined that it is in the best interests of the Village of Mount
Prospect to enter into a certain contract to purchase real estate for the
acquisition of the following described property in Mount Prospect, Cook
County, Illinois:
Lot 14 in Block 12 in Busse and Wille's Resubdi-
vision in Mount Prospect in the West Half of Sec-
tion 12, Township 41 North, Range 11 East of the
Third Principal Meridian, in Cook County, Illinois;
which property is commonly known, as: 108-110 East Nor'thwest Highway,
Mount Prospect, Illinois, and with approximate lot dimensions of 48'x150,
together with the following property presently located thereon:
Frame 2-story building with basement, having an
apartment on the first floor and two apartments
on the second floor; also a brick and block
3-car detached garage; and
WHEREAS, the owner of said real property has agreed to sign said
contract; and
WHEREAS, the said contract provides for the consideration for such
purchase to be paid through installments payable in five (5) equal annual
payments of $10,400.00 each, plus interest at the rate of 3-1/2% per annum,
payable on July 1, 1973 and each July 1st thereafter through and includ-
ing July 1, 1977, with $1,000.00 to be paid immediately upon closing, for
a total purchase price of $53,000.00; and
WHEREAS, such acquisition is authorized under the provisions of
Section 11-61-3 of the Illinois Municipal Code of 1961, as amended;
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That that contract to purchase real estate by and
between the Vlllage of Mount Prospect, a municipal corporation, and
Michele P. Lombardo and Ermelinda Lombardo, his wife, dated October
12, 1972, be and it is hereby approved. A conformed copy of said con-
tract is attached hereto and hereby made a part of this Ordinance as
Exhibit 1.
SECTION TWO: That the Village President is hereby authorized to
execute said contract, including a certain Promissory Note dated Octo-
ber 31, 1972, as evidence of the obligation under said contract, and the
Village Clerk is hereby authorized to attest said Promissory Note.
SECTION THREE: That this Ordinance shall be in full force and effect
from and after its passage, approval, and publication in the manner pro-
vided by law.
AYES: S-
NAYS: 0
PASSED and APPROVED this I? ""~day
ATTE~ . J:
4Jnu-J ru ~~
f Vlllage C erk
of Oc "7" ., .IF ~ , 1972.
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