R-356 - 10/13/1983 - TAX EXEMPT PROPERTY - Resolutions Supporting Documents VILLAGE OF OAK BROOK Minutes December 13, 1983
III I
C. RESOLUTION NO. R-356 - A RESOLUTION AUTHORIZING THE PURCHASE OF
C.
REAL PROPERTY (1308 OAK BROOK ROAD, OAK BROOK, ILLINOIS).
Purchase Agreement with International Association of Y's Men's Clubs
dated November 18, 1983 for said property at a total cost of $285,000.
Trustee Rush moved, seconded by Trustee Watson ...
To pass Resolution No. R-356 as presented and read by Title.
ROLL CALL VOTE: Ayes: Trustees Imrie, Listecki, Maher, Rush, Watson and
President Cerne
Nays: Trustee Philip So ordered.
D. itESOLUTION NO. R-357 - A RESOLUTION APPOINTING THE VILLAGE MANAGER
AS THE AUTHORIZED AGENT REPRESENTING THE VILLAGE OF OAK BROOK,
ILLINOIS IN THE ILLINOIS MUNICIPAL RETIREMENT FUND (I.M.R.F.).
Necessitated by the resignation of Village Manager Kenneth G. Carmignani.
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Trustee Maher moved, seconded by Trustee Listecki ...
To pass Resolution No. R-357 as presented and read by Title.
ROLL CALL VOTE: Ayes: Trustees Imrie. Listecki, Maher, Philip, Rush, !
Watson and President Cerne
Nays: None So ordered.
IV. FINANCIAL: III
A. Treasurer's Report:
Trustee Rush moved, seconded by Trustee Imrie ... I
To approve the Treasurer's Report for the month of November, 1983 as
presented. Revenue Fund Balance
Corporate Fund $472,157.24 $3,322,466.03
Motor Fuel Tax Fund 7,605.77 56,944.37
Revenue Sharing Fund - 0 - 1,612.77
Reserve For Capital Purchases - 0 - 193,721.75
Sports Core Bond Fund 17,880.34 134,956.80
Sports Core Operating Fund 27 167,227.21
Water Fund 0,603.62 3,305,948.45
VOICE VOTE: All present, in favor. So ordered.
B. Payouts:
1. Intergovernmental Risk Management Agency (IRMA) - 6th 1979 .
Supplemental Assessment.
Trustee Rush moved, seconded by Trustee Watson ...
To authorize payment to Intergovernmental Risk Management Agency (IRMA)
for the 6th 1979 Supplemental Assessment in the amount of $5,438,64.
ROLL CALL VOTE: Ayes: Trustees Imrie, Listecki, Maher, Philip, Rush,
Watson and President Cerne
Nays: None
So ordered.
2. Inter overnmental Risk Management Agency (IRMA) - 5th 1980
Stipp emental Assessment.
Trustee Rush moved, seconded by Trustee Watson ...
cember 13, 1983
VILLAGE OF OAK BROOK Minutes Ae"�,. , t
R .Rs4 40 . I
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VILLAGE OF OAK BROOK
1200 OAK BROOK ROAD
OAK BROOK, ILLINOIS II
654-2220
January 4, 1984
Mr. Howard H. Hush
Attorney at Law
Chapman 6 Cutler
111 West Monroe Street
Chicago, Illinois 60603
Re: Purchase of Real Property
Village of Oak Brook
Dear Howard:
I spoke briefly to you by phone yesterday concerning the intended purchase of
property by the Village of Oak Brook pursuant to an installament contract as
authorized under Section 11-61-3 of the Illinois Municipal Code. Briefly stated
the Village, pursuant to authorization of the Corporate Authorities, has entered
into a contract to purchase certain real property. Oak Brook Bank, an Illinois !'
Banking Corporation, is desirous of lending the money for this purchase ($285,000)
to the Village of Oak Brook pursuant to an installment agreement. Oak Brook Bank
is requesting your opinion concerning the validity of the agreement and the pro-
ceedings attendant to finalization of the installment agreement and consumation of
the purchase of the property. Therefore, I am requesting your opinion concerning
this matter including the validity of the documentation therefor, as well as the
fact that interest payable to the bank under the agreement is exempt from federal
income taxes under existing laws.
For purposes of your examination of these proceedings I am forwarding to you:
1. Title Commitment #D79223 concerning the status of title on
the property;
2. Copy of Purchase Agreement dated November 18, 1983 between the
seller, International Association of Vs Mena Clubs and the pur-
chaser, Village of Oak Brook;
3. Copy of existing lease dated January 16, 1976 between the owner
of the property and lessee, Gazebo, Inc.;
4. Copy of Resolution No. R-356 of the Village of Oak Brook authorizing
the purchase of the property in question and approving the sales
contract therefor dated November 18, 1983.
The parties involved in this transaction are most desirous of consummating this
transaction within the next seven (7) days. Therefore, we would appreciate your
expeditious response to this request for your opinion concerning the validity and
• W RIaletIgge
• January 4, 1984
Page ,2
Mr. Howard H. Ruaeb
Be: Purchase of Real Property
propriety of the transaction involved. The attorney representing Oek Brook Bank
in this matter is Mr. William L. Navolia, 1 McDonald'a Plaza, Oak Brook,
Illinois 60521; telephone #986-0401. The attorney representing the seller is V
Herbert J. Bell, Attorney at Law, 902 Maple Avenue, P.O. sox 206, Viers`Grove,
Illinois 60515; telephone #971-2667. �.
For your further review I have also included the proposed installment agreement
between Oak Brook Bank and the Village of Oak Brook.
y.. Obviously it You need any additional information in order to formulate Your
opinion please feel free to contact the undersigned at your convenience and we
would be happy to facilitate the transmission of any documentation or ()that in-
formation which you need.
Sincerely,
II.
John Brechin
Village Manager i
JHB Icnk ;I
Attch.
cc: Mr. W. 8. Mavolio - Attorney at Law
Ht. H. Bell - Attorney at Law
II
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VILLAGE OF OAK BROOK
• 1200 OAK BROOK ROAD
OAK BROOK. ILLINOIS -
II
634.2220
February 14, .1984
Mr. Gerald M. Petacque
Attorney at Law
19 West Jackson Boulevard . . ;
oulevard ;
Chicago, Illinois 60604
Re: Gazebo
Dear Mr. Petacque: !,
i
The �
purpose of this letter is to advise you that the Village of Oak Brook I •
teas purchased the property at 1305 Oak Brook Road, p resently occupied by your
client Gazebo, Inc. pursuant to a lease originally executed in 1976 by the 11
International Association of Y's Mans Clubs and your .client. Pursuant to the
Village's purchase of this property, the lease, as well as all other property
.rights'of`the seller have passed to the. Village of Oak Brook. Therefore, further !!
rent payaents and communications concerning the lease should be directed to my
' attention. A letter concerning that factor has been •delivered to the Gazebo.
If you have any questions concerning the Village's ownership of this property . 1
please, of course, feel free to contact me at your convenience.
Sincerely, II
'I
\ .' . -ifil. \ • . r
._
Jo M. 'L rechin
pill ge 'Manager/Attorney at Law
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. JBB/cak I .
• rami , " . .
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FEB161984 '
. VILLAGE OF OAK .BROOK, IL.
ADMINISTRATION .
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