R-838 - 03/25/2003 - TAX - ResolutionsRESOLUTION 2003- AG -TX- PRPTY -EX1 -R -838
A RESOLUTION AUTHORIZING EXECUTION OF REAL ESTATE SALE CONTRACT
(Lot 3 -- Sports Core[Westchester Park Subdivision)
WHEREAS, the Village of Oak Brook is the owner of the following described real estate:
LOT 3 IN SPORTS CORE/W ESTCH ESTER PARK SUBDIVISION, BEING A
RESUBDIVISION OF PART OF THE EAST HALF OF THE SOUTHWEST
QUARTER OF SECTION 25, TOWNSHIP 39 NORTH, RANGE 11, EAST OF
THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF
RECORDED NOVEMBER 6, 2002 AS DOCUMENT NO. R- 2002 - 302921 IN
DUPAGE COUNTY, ILLINOIS.
PERMANENT PARCEL (PART) NO. 06 -25- 302 -042
which real property is located at the west side of Coolidge Street, approximately 80 feet
north of Oak Brook Road /31St Street in the Village of Oak Brook, and is currently vacant,
( "the Subject Property'); and
WHEREAS, pursuant to Section 11- 76 -4.1 of the Illinois Municipal Code, 65 ILCS
5/11- 76 -4.1, on January 28, 2003, the Village Board passed "A Resolution Authorizing the
Sale of Surplus Public Real Estate" in which the Village Board declared the subject
Property as surplus public real estate and authorized and directed the staff to solicit
written sealed offers to enter into a real estate sale contract with the Village at a proposed
sale price of not less than the appraised value of Five Hundred, Fifty Thousand Dollars
($550,000.00); and
WHEREAS, five (5) sealed offers to enter into a real estate sale contract with the
Village for the proposed purchase of the Subject Property were opened at 5:00 p.m. on
March 12, 2003; and
WHEREAS, the offer by Ravi and Radha Nallakrishnan, (sometimes referred to
as the "Purchasers "), to enter into a real estate sale contract with the Village at a
purchase price of Six Hundred, Fifty -Six Thousand, One And No /One Hundredths Dollars
($656,001.00) was the offer at the highest proposed purchase price; and
WHEREAS, the purchase price proposed by the Purchasers exceeds the
appraised value of Five Hundred, Fifty Thousand Dollars ($550,000.00); and
WHEREAS, the Purchasers have signed and submitted a Real Estate
Sale Contract with the Village at the proposed purchase price, a copy of which Contract is
attached hereto as Exhibit "A ", and have furnished to the Village an earnest money check
in the amount of Fifty Thousand Dollars ($50,000.00); and
WHEREAS, the Real Estate Sale Contract submitted by the Purchasers is in
substantial conformity with the form of real estate sale contract which was part of the
Offeror's Package provided to prospective offerors by the Village; and
Resolution 2003- AG -TX- PRPTY- EX1 -R- 838
Authorizing the Execution of Real Estate
Sale Contract , Page 2
WHEREAS, the corporate authorities find and determine that the best interests of
the Village of Oak Brook will be served by the acceptance of the Real Estate Sale
Contract signed by the Purchasers;
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of the
Village of Oak Brook, DuPage and Cook Counties, Illinois, as follows:
Section 1: That the foregoing recitals are incorporated herein as findings of the corporate
authorities.
Section 2: That the Village President and Village Clerk are hereby authorized and
directed to execute a Real Estate Sale Contract with Ravi and Radha Nallakrishnan for the sale of
Lot 3 in Sports Core /Westchester Park Subdivision in the amount of Six Hundred, Fifty -Six
Thousand, One and No /One Hundredths ($656,001.00). The Board hereby approves said
Contract, a copy of which is attached hereto and labeled Exhibit "A ".
Section 3: That upon satisfaction of the terms of the aforesaid Real Estate Sale Contract
and upon the payment of the sales price in the manner provided in said Contract, the Village
President is hereby authorized and directed to convey and transfer the Subject Property to the
Purchasers by proper deed of conveyance, and the Village Clerk is hereby authorized to
acknowledge and attest such deed and to affix thereto the seal of the Village of Oak Brook.
Section 4: That the Village President and Village Clerk are hereby authorized and
directed, respectively, to execute and attest such other documents as may be necessary for the
conveyance herein authorized.
Section 5: That this resolution shall be in full force and effect from and after its passage,
by a vote of at least two - thirds (2/3) of the corporate authorities now holding office, and approval in
the manner provided by law.
PASSED AND APPROVED this 25th (jay of March , 2003 by the President and
Board of Trustees of the Village of Oak Brook, DuPage and Cook Counties, Illinois, according to a
roll call vote as follows:
Ayes:
Nays:
Trustees Aktipis, Caleel, Craig, Korin, Miologos, Savino & President Bushy
none
Absent: none
Abstain: _none
Village Presid , T,&_ -
ATTEST:
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Village Clerk!
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