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HomeMy WebLinkAboutOrd 3755 03/03/1987ORDINANCE NO. 3755 AN ORDINANCE APPROVING REAL ESTATE PURCHASE AGREEMENT FOR PROPERTY GENERALLY LocATED AT THE SOUTHWEST CORNER OF ELM AND EVERGREEN, MouNT pRoSPEcT, iLLINOIS PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES THE 3rd DAY OF March , 1987. Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 4th day of March , 1987. AF ORDINANCE NO. 3755 AN ORDINANCE APPROVING REAL ESTATE PURCHASE AGREEMENT FOR PROPERTY GENERALLY LOCATED AT THE SOUTHEAST CORNER OF ELM AND EVERGREEN, MOUNT PROSPECT, ILLINOIS WHEREAS, the Village of Mount Prospect did adopt the Village of Mount Prospect District No. 1 Tax Increment Redevelopment Project and Plan on August 20, 1985; and WHEREAS, the Village of Mount Prospect has received a proposed contract for the purchase of certain property within the Redevelopment Project Area which property was designated for acquisition, a copy of the proposed contract is attached hereto and hereby made a part hereof as Exhibit "A". NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF TEE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: The Board of Trustees of the Village of Mount Prospect find that it is in the best interests of the Village Mount Prospect to enter into the contract attached hereto as Exhibit "A". of SECTION TWO: The Village President and Village Clerk are hereby directed and authorized to execute the contract (Exhibit "A" attached hereto) and the Village staff, its agents and attorneys are hereby authorized and directed to take all necessary action to fully implement all the terms, conditions and covenants of the contract (Exhibit "A" attached hereto). SECTION THREE: This Ordinance shall be in full effect from and after its passage, approval and pamphlet form in the manner provided by law. force and publication in AYES: Arthur, Farley, Van Gem, Wattenberg NAYS: None ABSENT: Floros, Murauskis PASSED and APPROUED this 3rd day of March , 1987. ATTEST: Village President REAL ESTATE PURCHASE AND DEVELOPMENT AGREEMENT This Agreement made and entered into this ~ day of 7~~- , 1987, by and between Mount Prospect State Bank, as Trustee under Trust Agreement dated May 1, 1984 and known as Trust No. 1404 and Harold F. Busse, as Trustee under Trust Agree- ment dated April 4, 1974 and as Trustee under Trust Agreement dat- ed April 4, 1974 and known as Trust No. 1 (hereinafter referred to as "Seller") and the Village of Mount Prospect, a municipal corporation (hereinafter referred to as "Purchaser"); NOW THEREFORE, in consideration of the mutual covenants here- inafter set forth, it is agreed as follows: 1. OWNERSHIP Sellers are the owners of Real Estate legally described in Exhibit A which is attached hereto and made a part hereof consist- ing of approximately 117,853 square feet. 2. SALE Sellers agree to sell and Purchaser agrees to purchase the Acquisition Parcel consisting of approximately 92,853 square feet and improvements thereon. The Acquisition Parcel is legally described in Exhibit B which is attached hereto and made a part hereof. Sellers shall retain approximately 25,000 square feet, legally described in Exhibit C and depicted in Exhibit D, both attached hereto and made a part hereof (hereinafter referred to as the "Development Parcel"), which Sellers shall develop with a florist shop, as more fully'described in paragraph 15(a) herein. The sale and development shall be made for the price, upon the terms and conditions, and subject to the contingencies hereinafter contained. 3. PURCHASE PRICE The purchase price for the Acquisition Parcel shall be Seven Hundred Thousand ($700,000°00). 4. PAYMENT OF PURCHASE PRICE AND CLOSING Within five (5) days of the execution of this Agreement, the parties shall establish an escrow with Chicago Title Insurance Company, as described in paragraph 6, and within said time the Purchaser shall deposit Fifty Thousand Dollars ($50,000.00) pay- able to the escrowee into the escrow as earnest money. The earnest money shall be placed in an interest bearing account with accrued interest payable to Purchaser. The earnest money shall be disburs- ed to Sellers on the Closing Date set forth herein, if Seller is not in default hereunder, and the accrued interest thereon shall be disbursed to Purchaser simultaneously. The balance of the purchase price shall be payable as follows: a. Six Hundred Twenty Eight Thousand Three Hundred Dollars ($628,300.00) by certified check payable to the escrowee ("Second Payment") on November 2, 1987 ("the Closing Date"); b. Twenty One Thousand Seven Hundred Dollars ($21,700.00) in three annual installments without interest, by certified checks payable to Sellers ("Final Payments"), as follows: (i) Seven Thousand Two Hundred Thirty Three and 34/100 Dollars ($7,233.34) on November 2, 1988; (ii) Seven Thousand Two Hundred Thirty Three and 33/100 Dollars ($7,233.33) on November 2, 1989; (iii) Seven Thousand Two Hundred Thirty Three and 33/100 Dollars ($7,233.33) on November 2, 1990. In the event this transaction does not close at the fault of Sellers, the earnest money and accrued interest shall be returned to Purchaser. 5. CONVEYANCE Sellers shall convey to Purchaser or its nominee fee simple title to the Acquisition Parcel by Trustee's and Warranty Deeds in forms mutually satisfactory to Purchaser, the Cook County Registrar of Torrens Titles and Chicago Title Insurance Company, which will insure the title, consistent with the terms of this Agreement. At closing, such title shall be free and clear of all encumbrances whatsoever, except those hereinafter permitted, and such title shall vest in Purchaser upon delivery of the deeds on the Closing Date, which deeds shall immediately be registered in accordance with the escrow agreement hereinafter described. 6. ESCROW This transaction shall be closed through a deed and money escrow with Chicago Title and Trust Company, at their offices in Chicago, Illinois, in accordance with an escrow agreement to be agreed upon by the parties. Such escrow agreement shall include a provision for payment of the purchase price plus or minus pro- rations and liens of an ascertainable amount to Sellers upon deposit of deeds and owners' duplicate Torrens certificates, clear- ance of title in accordance with the title conditions of this Agreement and written authorization from the attorneys for Pur- chaser. The attorneys for Sellers and Purchaser are authorized to execute the escrow agreement, any amendments thereto, and all directions or communications thereto. The escrow shall be open- ed within five (5) days after execution of this Agreement by all parties. Ail payments required hereunder, the delivery of the deeds and all transactions contemplated by this Agreement shall be made through the escrow, provided however, that the terms of the escrow agreement shall not supersede the terms or the pro- visions of this Agreement. The cost of the escrow shall be equally divided by Sellers and Purchaser. The cost of any money lender's escrow shall be paid for the Purchaser. 7. PERMITTED EXCEPTIONS AND CONDITION OF TITLE The term "permitted exceptions" as used herein and in the escrow agreement to be established between the parties hereto shall include the following: (1) real estate taxes for the year 1987 and subsequent years and (2) easements for public utilities. Any mortgage or trust deed encumbering the Acquisition Parcel shall not be considered a permitted exception hereunder. Sellers shall deliver or cause to be delivered to Purchaser or Purchaser's attorneys, not less than five (5) days prior to the Closing Date, a commitment for an owner's title insurance policy issued by Chicago Title and Trust Company in the amount of the purchase price and the owner's duplicate Torrens certifi- cates, evidencing title to the Acquisition Parcel on or after the date of execution hereof, showing title to be vested in Sellers and subject only to the p~rmitted exceptions, defined herein. If such evidence of title discloses defects other than the permitted exceptions, Sellers shall have fifteen (15) additional days from the Closing Date to cure such defects and notify Pur- chaser. If Sellers are unable to cure such defects, Purchaser may, at its election, terminate this contract or may accept title to the Acquisition Parcel as it then exists (with the right to deduct from the purchase price liens or encumbrances of a definite or ascertainable amount) by notifying Sellers and tendering perfor- mance. If Purchaser terminates this Agreement as provided in this paragraph, then Sellers shall pay all escrow charges and return earnest money and accrued interest to Purchaser and the parties will have no further liability to each other. Sellers shall also furnish Purchaser at closing an affidavit of title covering the Closing Date and showing title to be vested in Sellers subject only to permitted exceptions as defined herein, and unpermitted exceptions or defects in title, if any, as describ- ed by the survey~ as to which the title insurer commits to extend insurance. Any charge by Chicago Title Insurance Company for extending coverage which regard to such defects described by the survey shall be the sole responsibility of the Seller. 8. TAXES Sellers agree to pay all general real estate taxes, special assessments and special taxes due or to become due for the Acqui- sition Parcel up to the Closing Date. General real estate taxes for 1986 and 1987 shall be prorated as of said date on the basis of 110% of the most recent ascertainable taxes, and the parties agree to reprorate the 1986 and 1987 taxes levied upon issuance of the actual tax bills. 9. POSSESSION Sellers shall have the right to remain in possession of the Acquisition Parcel until the Closing Date. On the Closing Date, Purchaser shall have the absolute right to possession of the Acquisition Parcel. In'the event Sellers fail to deliver full and complete possession of the Acquisition Parcel to Purchaser on the Closing Date, Sellers shall be in immediate default hereunder with no notice required from Purchaser, Purchaser shall not be required to give any notice of such immediate default to Sellers or to pay the Second Payment or Final Payments and the Second Pay- ment and Final Payments shall be reduced Six Hundred and Sixty Seven Dollars ($667.00) per day for each day Sellers wrongfully remain in possession of the Acquisition Parcel commencing on the Closing Date to November 9, 1987 and Twenty Thousand Dollars ($20,000.00) per month for each month or fraction thereof that Sellers wrongfully remain in possession of the Acquisition Parcel commencing on November 9, 1987 and thereafter. 10. SURVEY Purchaser shall obtain prior to the Closing Date a current plat of survey of the Acquisition and Development Parcels, showing the location of all improvements and easements within the respective lot lines of the Acquisition and Development Parcels, certified as hav- ing been made in compliance with Illinois Land Survey Standards. 11. WRONGFUL POSSESSION; DAb~GES Sellers shall completely indemnify and hold harmless Purchaser from any and all liability, cost, expense claims or damages related to or occasioned by wrongful possession of the Acquisition Parcel by Sellers, or any party claiming by, through or under Sellers~ after the Closing Date other than that caused by Purchaser or its agents. 12. EMINENT DOMAIN Sellers and Purchaser acknowledge that this Agreement is being entered into under threat of condemnation and further acknowledge that the Purchaser has the power to acquire the Subject Premises by Eminent Domain proceedings, pursuant to the Village of Mount Prospect District No. 1 Tax Increment Redevelopment Plan and Redevelopment Project. 13. BILL OF SALE Sellers agree to sell the Acquisition Parcel, together with all improvements and fixtures, if any, including but not limited to: all central heating, plumbing and electrical systems and equipment; the hot water heater; central cooling, humidifying and filtering equipment, fixed carpeting; built-in kitchen appliances, equipment and cabinets; water softner; existing storm and screen windows and doors; attached shutters, roof or attic T.V. antenna; all planted vegetation; garage door openers and car units; and the additional items of personal property listed in Exhibit E which is attached hereto and~made a part hereof. Ail the foregoing items shall be left on the premises, are included in the sale price and shall be transferred to the Purchaser by a Bill of Sale on the Closing Date. Sellers shall have the right to remove one stove and refrigerator (not built-in) and space heaters. 14. DEVELOPMENT PARCEL Relative to the Development Parcel, the parties agree as follows: a. Sellers shall retain title to the Development Parcel and Shall develop the same as a florist shop in accordance with the specifications set forth on Exhibit F attached hereto ~'the Project"). b. Purchaser shall respond to Sellers' requests for a founda- tion permit relative to the Project within two (2) working days of Purchaser's receipt thereof and shall respond to requests for any other type of permits relative to the Project within two (2) weeks of Purchaser's receipt thereof. c. Purchaser shall commence construction of the following public improvements appur'tenant to the Project, as soon as prac- ticable after the Closing Date: (i) sidewalks on public right-of-way; (ii) necessary lighting and parkway trees on public right-of-way. d. If necessary, Purchaser shall rezone the Development Parcel to permit the Project and necessary parking at no expense to Sellers. e. There is no need to construct a new water main along Northwest Highway for the Project. f. Purchaser, at no expense to Sellers, shall provide an easement from School Street to the Development Parcel for Sellers to tap onto the existing water line. Sellers shall pay all costs related to the extension and tap onto existing water lines. g. Sellers shall commence construction of the Project as soon as practicable after receipt of all necessary permits and rezonings from Purchaser. h. The Village of Mount Prospect will establish development and design standards for other redevelopment sites to protect vis- ibility to the Development Parcel Highway." i. If necessary, Purchaser from the northwest along Northwest shall cooperate with Sellers in any attempt by Sellers ~to secure an eight (8)-foot variation in the rear yard requirement on the Development Parcel under Village of Mount Prospect ordinances. j. Purchaser shall not have the right to close off Elm and Evergreen Streets until after the Closing Date. k. Sellers, shall have the right, withoUt Purchaser's in- terference, to put a temporary trailer on the Development Parcel for no more than ninety (90) days, to temporarily conduct business in the event completion of the Project's construction is delayed. 1. Purchaser will permit Sellers temporary occupancy in specific sections of the building to be constructed on the Devel- opment Parcel prior to all "finish" work throughout the Project being completed. Such temporary occupancy shall be authorized for the following areas, for storage and employee use only: Garage Area, provided all work is completed and adequate lighting and ventilation is provided with the exception of painting and electrical plates. Basement Area, provided all work is completed with the exception of painting,wall coverings, floor coverings, electrical plates, domestic p~umbing (provided one washroom is fully ooera- t~onal). All material of any kind must be~kept szx (6) feet away from wall surfaces. Main Sales Area, provided all work is completed with the exception of painting, wall coverings, floor coverings, electrical plates, domestic plumbing (provided one washroom is fully opera- tional), the roof system is structurally sound and weathertight, and exterior walls are weather- tight. All material must be kept six (6) feet away from wall surfaces. 15. DEFAULTS, REMEDIES AND TE~MINATION a. Defaults - General Failure of delay by either party to perform any term or pro- vision of this Agreement within the time specified herein shall constitute a default under this Agreement. The party who so fails or delays must, within thirty (30) days of written notice of the existence of such default (except where Sellers fail to deliver possession of the Acquisition Parcel to Purchaser on the Closing Date, which situation is an immediate default without any notice requirement from Purchaser as per paragraph 9 herein), innnediately commence to cure, correct, or remedy such failure or delay, and shall complete shall complete such cure, correction or remedy with diligence. The party claiming such default shall give written notice of the alleged default to the party alleged to be in default, specify- ing the default complained of by the injured party (except where Sellers fail to deliver possession of the Acquisition Parcel to Purchaser on the Closing Date, which situation is an innnediate default without any notice requirement from Purchaser as per para- graph 9 herein). Failure to delay in giving such notice shall not constitute a waiver of any default, nor shall it change the time of default. If, after thirty (30) days written notice (except where Sellers fail to deliver possession of the Acquisition Parcel to Purchaser on the Closing Date, which situation is an immediate default without any notice requirement from Purchaser as per para- graph 9 herein), the party in default shall have not cured the default, then the nondefaulting party shall have the right, but not the obligation, to perform any defaulted act and in the event of sueh performance the defaulting party shall be obligated on demand to reimburse the nondefaulting party for all costs and expenditures incurred with respect to such performance. Except as otherwise expressly provided in this Agreement, any failure or delay by either party in asserting any of its rights or remedies as to any defaul't or alleged default shall not operate as a waiver of any such default or of any rights or remedies it may have as a result of such default, nor shall it deprive either such party of its right to institute and maintain any actions or pro- ceeding which it may deem necessary to protect, assert or enforce any such rights or remedies. b. Institution of Legal Actions. In addition to any other rights or remedies available at law or equity, either party may institute legal action to cure, correct or remedy any default, to recover damages for any default, or to obtain any other remedy consistent with the purpose of this Agree- ment. In the event either party shall institute legal action because of breach of any agreement or obligation contained in this Agree- ment on the part of either party to be kept or performed, and a breach shall be established, the prevailing party shall be entitled to recover all expenses incurred therefor including reasonable attorneys' fees. c. Applicable Law The laws of the State of Illinois shall govern the interpret- ation and enforcement of this Agreement. d. Rights and Remedies are Cumulative Except as otherwise expressly stated in this Agreement, the rights and remedies of the parties are cumulative, and the exercise by either party of one or more of such rights or remedies shall not preclude the exercise by it, at the same time or different times, of any other rights or remedies for the same default or any other default by the other party. 16. GENERAL PROVISIONS a. Notices, Demands and Communications Formal written notices, demands, correspondence and communica- tions between SellerS and Purchaser shall be sufficiently gzven if dispatched by registered or certified mail, postage prepaid, return receipt requested to the following parties on behalf of Sellers and Howard Bernstein Bernstein & Rochell, Ltd. 4 South Milwaukee Avenue Wheeling, IL 60090 Purchaser: Thomas T. Burke Burke and Ryan 33 North Dearborn Street Suite 402 Chicago, IL 60602 b. Nonliability of Village Officials and Employees No member, official or employee of the Village of ~{ount Prospect shall be personally liable to the Sellers in the event of any default or breach by the Village of Mount Prospect or for any amount which may become due to the Sellers or any obligation under the terms of this Agreement. c. Approvals Wherever this Agreement requires the Seller or Purchaser to approve any document or other matter, such approval shall not be unreasonably withheld. d. Real Estate Commissions Neither the Sellers nor Purchaser shall be liable for any Purchaser: Sellers: real estate commissions, of this Agreement. e. Time brokerage fees or finder's fees by reason Time is of the essence of this Agreement. f. Entire Agreement and Waiver This Agreement is executed in two (2) duplicate originals~ each of which is deemed to be an original. This Agreement includes pages and exhibits attached which constitute the entire understand- ing and agreement of the parties. This Agreement integrates ali. of the terms and conditions men- tioned herein or incidental hereto, and supersedes all negotiations and previous agreements between the parties with respect to all or any part of the subject matter hereof. Ail waivers of any of the provisions of this Agreement must be in writing and signed by the appropriate authorities of Purchaser and Sellers. g. Partial Invalidity If any portion of this agreement shall be held or deemed to be invalid or in violation of any law, such portion shall be deemed to be excised herefrom and the invalidity thereof shall not affect any of the other portions contained herein which portions remain in full force and effect. h. Amendment This agreement may be amended only by mutual written agreement of Sellers and Purchaser. i. Binding Contract This Agreement shall be binding upon and shall inure to the enefit of the parties hereto and their respective executors, ad- ministrators, heirs, legatees and successors in interest. 17. SURVIVAL The Waranties and covenants contained in this Agreement shall not merge with the delivery of the deeds from Sellers to Purchaser, but will survive thereafter until full performance by all parties. 18. ASSIGNMENT Sellers acknowledge that it is irmmaterial and irrelevant to them whether Purchaser assigns title to the Acquisition Parcel con- current with the closing of this sale, and hereby consent to Pur- chaser or any of its assigns to be the source of funds for this transaction. Notwithstanding the above, Purchaser shall remain liable to Sellers for performance of the terms and conditions con- tained in this Agreement. IN WITNESS WHEREOF, the parties hereto have hereunto set duplicate, the day and year SELL · ~ ..... ,. -,, %l~_mte~gr~m~t Agreerm~nt dated ~y 1, 1~84 ~d~ as ~t No. F..-BL~, as ~tee ~der ~t ~='e~t ~ted ~ril 4, 1974 a~ :as ~tee ~der ~t ~e~t ~ted ~ril 4, 1974 ~d ~ as ~tNo. 1 PURCHASER: VILLAGE OF MOUNT PROSPECT, municipal corporation ATTEST: a Village Clerk EXHIBIT A The North 82 feet of the West 1/2 of Block 9 in Busse and Wille's Resubdivision in Mount Prospect in the West 1/2 of Section 12, Township 41 North, Range 11 East of the Third Principal Meridian, in Cook County, Illinois. ALSO: The South 92 feet of the North 174 feet of the West 1/2 of Block 9 in Busse and Wille's Resubdivision in Mount Prospect in the West 1/2 of Section 12, Township 41, Range 11 East of the Third Principal Meridian, in Cook County, Illinois. ALSO: The West 1/2 of Block 9 (except the North 174 feet thereof) in Busse and Wille's Resubdivision in Mount Prospect in Section 12, Township 41 North, Range 11 East of the Third Principal Meridian, in Cook County, Illinois. ALSO: The East 1/2 of Block 9, except that part described as follows'. Commencing at the point of intersection of the East line of Block 9 extended South to the Southwesterly line of Block 9 extended Southeasterly; thence Northwesterly along said extension and along the Southwesterly line of Block 9 a distance of 169.0 feet; thence Northeasterly at right angles to the Southwesterly line of Block 9 a distance of 120.0 feet; thence East a distance of 81.84 feet to a point on the East line of'Block 9 which is 198.43 feet North of the point of intersection aforesaid; thence South along the East line of Block 9 and its extension South 198.43 feet to the point of beginning (excepting from said tract that part which has been heretofore dedicated for street purposes) all in Busse and Wille's Resubdivision in Mount Prospect in the West 1/2 of Section 12, Township 41 North, Range 11 East of the Third Principal ~leridian, in Cook County, Illinois. ALLEN & PAYNE ' LJ I.J Suite 1200.123 West Madison St.- Chicago, Illinois 60602. (312)782-8893 MEMORANDUM TO: FROM: DATE: SUBJECT: Barry Springer BURKE & RYAN Tim Griffin TRKLA, PETTIGREW, ALLEN & PAYNE February 20, 1987 Busse Florist Development Guidelines The development of the florist shop is seen as a component of the development of the sur- rounding area. The building will contain approximately 8~500 square feet of gross floor area; 5,500 square feet on the ground floor and 3,000 square feet of basement space. Use of the property and construction of the building and site improvements will conform to all applicable codes and ordinances of the Village of Mount Propsect. The buildings' appearance should be compatible with thc scale and character of the neigh- boring Northwest Highway business establishments and the proposed development of the surrounding area. Brick construction emphazing attention to detail and incorporation of appropriate materials is suggested for the building. The buildings' architectural elements, such as comics, roof lines, window openings and overall massing should be the florists' primary identity along Northwest Highway. Signage should be suitably scaled and oriented to pedestrian and automobile patrons. The building'will be sited along Northwest Highway on property adjacent to Busse Realty. The building will be setback from Northwest Highway in a manner that is consistent with the neighboring structures, while providing adequate exposure to passing motorists. Pedestrian access will be from the interior pedway system of the proposed nelghborhing development and along Northwest Highway. Primary automobile access will be from Northwest Highway. Shared use of a common curb cut by the florist shop and the neigh- borhing real estate office is encouraged. Secondary automobile access will be from the in- ternal road system of the proposed development to the north. Parking for a minimum of 25 cars will be provided, One loading space, adequately screened from view, will also be provided. Finally, the site will be landscaped and furnished consistent with the design and develop- ment objectives established in the Downtown No. I Tax Increment Redevelopment Project and Plan, and in accordance with applicable standards of the Village of MoUnt Prospect.