Administration. Resolution

Transcription

1 8.D Incorporated in 1909 Administration Resolution To: From: Mayor and Board of Trustees Peter Vadopalas For Village Board Meeting of: June 25, 2018 Subject: Acquisition of Real Estate at South Lake Street Financial Impact: Attachments: 1. Exhibit A - Legal Description S. Lake St. (PDF) 2. Exhibit B - Real Estate Contract S. Lake St. (PDF) Motion Motion to Adopt A Resolution Authorizing the Execution of a Purchase Contract for the Acquisition of Real Estate at South Lake Street, Mundelein, Illinois. Comments In 2011 the Village Board adopted the Comprehensive Plan. The Comprehensive Plan is the community's longterm land-use plan for meeting the needs of the community including but not limited to the preservation of natural resources, public spaces, transportation, development of business districts, and residential neighborhoods. The Plan included several sub-areas of the community that were studied more intensely. One of those sub-areas was the Diamond Lake area. The Comprehensive Plan also includes an implementation framework that is used to initiate and undertake key recommendations of the Comprehensive Plan. In the area of Diamond Lake, one of the key strategies is to improve public access and the number one priority in this sub-area was to acquire property along the waterfront thereby allowing more people to enjoy the community amenity. Packet Pg. 10

2 8.D This past January the Village Board reached a consensus to purchase the property located at South Lake Street, Mundelein. The property is approximately 2.5 acres and is improved with five structures and a parking lot. After several months of negotiations, the owner agreed to sell the property for $775, The acquisition of this land is a key parcel opening up the lakefront for the enjoyment and benefit of the community. Packet Pg. 11

3 8.D RESOLUTION NO. (ID # 3112) A RESOLUTION AUTHORIZING THE EXECUTION OF A PURCHASE CONTRACT FOR THE ACQUISITION OF REAL ESTATE AT SOUTH LAKE STREET, MUNDELEIN, ILLINOIS WHEREAS, the Corporate Authorities have determined that it would be in the public interest for the Village of Mundelein to acquire a certain parcel of real estate located at South Lake Street, Mundelein, Illinois, ( Real Estate ), legally described on Exhibit A attached hereto; and WHEREAS, the Real Estate includes approximately 2.5 acres of land and is improved with 5 buildings; and WHEREAS, the owner of the Real Estate, Mija Park, is willing to sell the Real Estate to the Village for $775,000; and WHEREAS, the Corporate Authorities have determined that $775,000 is a fair purchase price for said Real Estate NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MUNDELEIN, LAKE COUNTY, ILLINOIS, as follows: SECTION I. The Contract to purchase the real estate at South Lake Street, Mundelein, Illinois from Mija Park for $775,000, attached as Exhibit B, is hereby approved and ratified and, the Village President and Clerk, or the Village Administrator acting in their stead, be and hereby are authorized to sign the contract on behalf of the Village of Mundelein and proceed with the acquisition of the Real Estate. The Village Treasurer is authorized to issue a check in the amount of $10,000, payable to Chicago Title Insurance Company, as earnest money which shall be deposited into a strict joint order escrow with Chicago Title Insurance Company. Packet Pg. 12

4 8.D SECTION II. At the closing, the Village Treasurer is authorized to issue and deliver a check payable to Chicago Title Insurance Company for the balance of the $775,000 purchase price, which sum represents the purchase price, less the amount of any credits for (a) earnest money; (b) proration s for real estate taxes, and (c) such other items as are customary and reasonable charges attributable to the acquisition of the Real Estate. SECTION III. The Village President and Clerk, or the Village Administrator acting in their stead, shall attend the closing and, at such time, be and are hereby authorized to execute any and all other documents such as are customary and reasonable for the acquisition of the Real Estate. SECTION IV. Any and all prior actions of the Village President, the Clerk and the Village Administrator, as the case may be, in connection with the acquisition of the Real Estate by and hereby are approved and ratified in their entirety. PASSED this 25th day of June 2018 by a roll call vote. PASSED: June 25, 2018 APPROVED: June 25, 2018 President ATTEST: Village Clerk Packet Pg. 13

5 8.D.a Exhibit A LEGAL DESCRIPTION S. LAKE STREET That part of the Northeast Quarter of Section 31, Township 44 North, Range 11, East of the Third Principal Meridian, described as follows: Beginning at the Northwest corner of said Section 31; thence South, on the section line, feet; thence East, parallel to the North line of Section 31, feet to the center of the highway; thence North 48 degrees East, feet; thence North 34 degrees West, feet to the North line of Section 31; thence West, on the section line, feet to the place of beginning (except the South feet of the premises in question) in Lake County, Illinois. P.I.N.: Attachment: Exhibit A - Legal Description S. Lake St. (3112 : Purchase of Real Estate at S. Lake Street) Packet Pg. 14

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