T4-76 Ordinance No. T4-76
AN ORDINANCE
AUTHORIZING THE PAYMENT FOR CERTAIN REAL PROPERTY IN INSTALLMENTS
WHEREAS, on June 9, 1976 the City Council of the City of Elgin
ratified and approved the execution of a real estate contract for the
acquisition of certain property; and
WHEREAS, said agreement provided for payment of the purchase price
in installments; and
WHEREAS, the City of Elgin is a home rule unit within the meaning
of the Constitution of the State of Illinois, 1970, and is hereby
authorized and empowered to exercise and perform any function pertaining
to its government and affairs; and
WHEREAS, the acquisition of the real property for municipal purposes
is a function pertaining to the government and affairs of the City of Elgin;
and
WHEREAS, Section 11-61-3 of Article 11 of the Illinois Municipal Code
authorizes the purchase of real property for public purposes pursuant to
contracts which provide for the consideration for such purchases to be
paid in annual installments.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ELGIN, ILLINOIS:
Section 1. That it is hereby determined that it is advisable, necessary
and in the interest of the public that the City of Elgin acquire certain
real property described as follows:
That part of Out Lot 26 of James T. Gifford's Addition to
Elgin described as follows: Commencing at the Northeasterly
corner of Lot 5 in Block "B" of Davidson's Grove Avenue subdivi-
sion, thence Northwesterly along the Westerly line of Grove
Avenue 47 feet for the point of beginning; thence Westerly at
right angles to the Westerly line of Grove Avenue, 178.8 feet to
the Easterly right of way line of Chicago, Aurora and Elgin
Railway Company; thence Northwesterly along said Easterly right
of way line 292.25 feet to the Southerly line of Prairie Street;
thence Easterly along said Southerly line 213.5 feet to the
Westerly line of Grove Avenue; thence Southeasterly along said
Westerly line of Grove Avenue 58 feet to a point hereinafter
designated as Point "A"; thence Westerly at right angles with
said Westerly line of Grove Avenue 100 feet; thence Southeasterly
parallel with said Westerly line of Grove Avenue 33 3/4 feet;
thence Easterly to a point on the Westerly line of Grove Avenue
27 feet Southeasterly from said Point "A"; thence Southeasterly
along said Westerly line of Grove Avenue to the point of beginning,
in the City of Elgin, Kane County, Illinois. (Commonly known as
138-142 South Grove Avenue, Elgin, Illinois).
Lot 3 in Block B of Davidson's Grove Avenue Subdivision
(except the Railroad), in the City of Elgin, Kane County,
41)
Illinois. (Commonly known as vacant lot next door to 156 South
Grove Avenue, Elgin, Illinois) .
Lots 12 and 13 and that part of Lot 14 lying Easterly of
a line drawn from a point in the Northerly line of said Lot 34
10/12 feet West of the Northeast corner thereof to a point in
the Southerly line of said Lot 30 11/12 feet Westerly from the
Northeast corner thereof; all in Block "A" of Davidson's Grove
Avenue Subdivision, in the City of Elgin, Kane County, Illinois.
(Commonly known as 141 South Grove Avenue, Elgin, Illinois).
That part of Lots 4 and 5 lying Easterly of the Easterly
line of the right of way of the Chicago, Aurora and Elgin
Railway Company in Block B of Davidson's Grove Avenue Subdivision
to Elgin, in the City of Elgin, Kane County, Illinois. (Commonly
known as 152-156 South Grove Avenue, Elgin, Illinois) .
and for the purpose of paying the purchase price thereof to enter into an
agreement with the seller providing for the purchase of said property at a
total cost of $250,000.00 to be paid in 60 equal annual installments of
$2,706.20 and a final payment of $173,618.41 30 days after the last install-
ment, said amount representing principal and interest on the principal sum
at the rate of eight (8%) percent per annum.
Section 2. Said agreement shall be in substantially the form attached
hereto and made a part hereof by reference as Exhibit 'A' .
Section 3. The City Manager and the City Clerk be and are hereby
respectively authorized and directed to execute the attached installment
agreement and do all things necessary and essential including the execution
of any documents and certificates necessary to carry out the provisions of
the agreement.
Section 4. That this ordinance shall be in full force and effect from
and after its passage and approval in the manner provided by law and shall
be published in pamphlet form by authority of the City Council.
s/ Richard L. Verbic
Richard L. Verbic, Mayor
Presented: August 25, 1976
Passed: August 25, 1976
Vote: Yeas 6 Nays 0
Recorded:
Published:
Attest:
s/ Marie Yearman
Marie Yearman, City Clerk