R-759 - 11/14/2000 - TAX - ResolutionsRESOLUTION 2000 -TX- PRPTY- EXP- EX2 -R- 759
A RESOLUTION AUTHORIZING THE EXECUTION OF A CONTRACT
FOR THE SALE OF PUBLIC REAL ESTATE
TO DU PAGE MAYORS AND MANAGERS CONFERENCE
(1220 Oak Brook Road, Oak Brook, IL 60523)
WHEREAS, Section 5/11- 76-4.1 of the Illinois Municipal Code (65 ILCS 5/11- 76 -4.1) provides that
the corporate authorities of a municipality may, by resolution, authorize the sale of surplus public real
estate and further provides that the value of the real estate shall be determined by a written M.A.I. certified
appraisal or other appraisal as set forth in the statute; and
WHEREAS, the President and Board of Trustees of the Village of Oak Brook find that the property
now owned by the Village commonly known as 1220 Oak Brook Road, Oak Brook, IL, and the adjacent
Lot 82 ("Subject Property") is legally described on the attached Exhibit A, is a 40,007 square foot parcel, is
improved with a one -story governmental office building and surface parking lot, is located in the "R -3"
Single Family Zone District on the northwest corner of Oak Brook Road and Jorie Boulevard, and is not
required for the use of the Village of Oak Brook; and
WHEREAS, since February 1, 1992, the Village has leased the Subject Property to the DuPage
Mayors and Managers Conference, a not - for - profit corporation which assists the Village and 35 other
member municipalities in DuPage County; and
WHEREAS, the Conference has expended significant sums in improving the office building on the
Subject Property; and
WHERE, the Conference is desirous of purchasing the Subject Property; and
WHEREAS, the Village has obtained a written appraisal by the Collins /Davis Appraisal Group,
Thomas M. Collins, M.A.I., who appraised the Subject Property at a market value of $500,000 as of
September 14, 2000; and
WHEREAS, the Village is desirous of selling the Subject Property at a price of $485,000 pursuant
to the terms of the Real Estate Sale Contract which is attached hereto as Exhibit B; and
WHEREAS, it is in the best interests of the Village of Oak Brook to accept the offer to purchase
the Subject Property at a sale price of $485,000, which is more than 80% of the appraised value, pursuant
to the terms of the attached Real Estate Sale Contract.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF OAK BROOK, DU PAGE AND COOK COUNTIES, ILLINOIS as follows:
Section 1: That the corporate authorities find as fact the recitals hereinabove set forth.
Section 2: That the Village President and Village Clerk are authorized and directed to execute a
Real Estate Sale Contract for the sale of 1220 Oak Brook Road, Oak Brook, Illinois, and the adjacent Lot
82 at a sale price of $485,000, with a credit of $115,000 for property improvements made by the
Purchaser; said contract shall be in substantial conformity with the form of contract which is attached as
Exhibit B and which is hereby approved.
Resolution 2000 -TX- PRPTY- EXP- EX2 -R- 7 S 9
Authorizing the Sale of Real Estate,
1220 Oak Brook Road, Page 2
Section 3: That the sale of the Subject Property shall be conducted by the staff.
Section 4. That this resolution shall be in full force and effect from and after its passage and
publication as provided by law.
Section 5: That the Village Clerk is authorized and directed to publish this resolution without
Exhibit B in a newspaper published in DuPage County at the first opportunity following passage by the
Board. The Village Clerk shall keep a copy of Exhibit B, the Real Estate Sale Contract, in her office for
inspection by any interested person during business hours.
PASSED AND APPROVED this 14th day of November, 2000, 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: Trustees Caleel, Craig, Kenny, McInerney and President Bushy
Nays: Trustee Savino
Absent: Trustee Butler
Abstain: None
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