Administration. Resolution

Transcription

1 8.C Incorporated in 1909 Administration Resolution To: From: Mayor and Board of Trustees Peter Vadopalas For Village Board Meeting of: July 23, 2018 Subject: Purchase Contract South Lake Street, Mundelein Financial Impact: Attachments: 1. Muntz Letter and Contract (PDF) Motion Motion to adopt a Resolution Authorizing the Execution of a Purchase Contract for the Acquisition of Real Estate at 516 South Lake Street, Mundelein, Illinois. Comments The attached Resolution approves the purchase of the property located at 516 South Lake Street. The property is currently improved with a 16-unit commercial apartment building. Attached is a copy of the real estate contract executed by the Seller, DJAK Properties. Major terms of the contract include: Purchase Price: $1,550,000 Due Diligence Inspection Period: 15 days following contract execution Closing Date: 30 days following contract execution Tenant Leases: Existing tenants will be permitted to remain in the building for a period of six months after closing or until February 23, 2019, whichever date is earlier. Packet Pg. 18

2 8.C Seller s Rights: Seller shall be entitled to all rents due prior to the closing date. Seller reserves the right to remove appliances and personal property prior to building demolition. Seller shall be authorized to use and occupy the existing storage building on the property for 14 days following the last vacancy, or February 23, 2019, which date is earlier. Seller proposes to act as contracted property manager of the building for the period after closing and up to full building vacancy. Further, Seller offers to assist with relocating existing tenants to new locations. A property management agreement will be prepared and presented to the Village Board for consideration as a separate matter. Packet Pg. 19

3 8.C RESOLUTION NO. (ID # 3162) A RESOLUTION AUTHORIZING THE EXECUTION OF A PURCHASE CONTRACT FOR THE ACQUISITION OF REAL ESTATE AT 516 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 516 South Lake Street, Mundelein, Illinois, ( Real Estate ), legally described on Exhibit A attached hereto; and WHEREAS, the Real Estate includes approximately.89 acres of land and is improved with a residential apartment building; and WHEREAS, the owner of the Real Estate, DJAK Properties, is willing to sell the Real Estate to the Village for $1,550,000; and WHEREAS, the Corporate Authorities have determined that $1,550,000 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 516 South Lake Street, Mundelein, Illinois from DJAK Properties for $1,550,000, 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. SECTION II. At the closing, the Village Treasurer is authorized to issue and deliver a check payable to Chicago Title Insurance Company for the $1,550,000 purchase price, which represents the Packet Pg. 20

4 8.C purchase price, less the amount of any credits for prorations for real estate taxes and 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 23rd day of July 2018 by a roll call vote. PASSED: July 23, 2018 APPROVED: July 23, 2018 President ATTEST: Village Clerk Packet Pg. 21

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