R-838 - 03/25/2003 - TAX - Resolutions Supporting Documentsj
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ILLAGE OF OAK BROOK
GO Village Board Transmittal Memorandum
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DATE: March 21, 2003
SUBJECT: Approval of Real Estate Sale Contract for Sale of Lot 3 in the Sports
Core /Westchester Park Subdivision
FROM: Richard A. Martens, Village Attorney
RECOMMENDATION: That the Village Board approve the attached Resolution Authorizing
the Execution of a Real Estate Sale Contract for the sale of Lot 3 in the
Sports Core /Westchester Park Subdivision.
As you are aware, sealed offers to enter into a real estate sale contract for Lot 3 in the Sports
Core /Westchester Park Subdivision were opened on Wednesday, March 12, 2003. Ravi and Radha
Nallakrishnan submitted the offer to enter into a real estate sale contract with the highest proposed
purchase price at Six Hundred, Fifty -Six Thousand, One and No /One Hundredths Dollars
($656,001.00).
Attached is a Resolution approving the Real Estate Sale Contract submitted by Mr. and Mrs.
Nallaknshnan. This Contract is in substantial conformity with the form of real estate sale contract
which was included in the Offeror's Package. Mr. and Mrs. Nallakrishnan have submitted an earnest
money check in the amount of Fifty Thousand Dollars ($50,000.00) as required under the terms of the
Real Estate Sale Contract. I would note that the price submitted by Mr. and Mrs. Nallakrishnan is well
in excess of the appraised value of Five Hundred, Fifty Thousand Dollars ($550,000.00).
I recommend that the Village President and Board of Trustees pass the attached Resolution. A two -
thirds (2/3) vote of the corporate authorities holding office is required to pass the Resolution.
Turning to the remaining two (2) lots, we are in the process of contacting local realtors and others to
better understand how we can improve the marketability of Lots 1 and 2. Once this information is
received, staff will make a recommendation to the Board for the Board's review and consideration.
cc: Michael Crotty, Acting Village Manager
Execute Nallakrishnan Lot 3.doc
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8 A 1) Motion by Trustee Savino, seconded by Trustee Konn, that the Village
Board approve the reappointments of John Merrill, General Manager,
Hyatt Regency Oak Brook; Steve Thayer, General Manager of the
Wyndham Drake Hotel; Tony Mira, General Manager, Renaissance Oak
Brook Hotel, Ted Selogie, General Manager, Marriott Oak Brook; Julie
Coker, General Manager, The Lodge at McDonald's Campus, Chuck
Fleming, General Manager, JMB Retail Properties; Ralph E. Maxson,
Oak Brook Resident; Laurie Adams, President & CEO of the Oak Brook
Area Association of Commerce & Industry and the appointment of
Heather Wehling, General Manager of the new Residence Inn by
Marriott -Oak Brook to the Oak Brook Hotel, Convention & Visitors
Committee, with their terms to expire February 28, 2004 VOICE
VOTE: Motion carried.
B ORDINANCES & RESOLUTIONS-
O RDiRES
1) RESOLUTION 2003- AG- TX -PRPTY -EXI -R -838, "A RESOLUTION RES- 03- AG -TX-
P RPTY -EX l -R -838 -
AUTHORIZING EXECUTION OF REAL ESTATE SALE SL OF LOT 3 SPTS
CONTRACT ( LOT 3 -- SPORTS CORE/WESTCHESTER PARK CORE /WSCHSTR PK
SUBDIVISION)."
Sealed offers to enter into a real estate sale contract for Lot 3 in the
Sports Core /Westchester Park Subdivision were opened on Wednesday,
March 12, 2003. Ravi and Radha Nallaknshnan submitted the offer to
enter into a real estate sale contract with the highest proposed purchase
price at Six Hundred, Fifty -Six Thousand, One and No /One Hundredths
Dollars ($656,001.00)
Resolution 2003- AG- TX -PRPTY -EXI -R -838 is a resolution approving
the Real Estate Sale Contract submitted by Mr. and Mrs. Nallaknshnan
This Contract is in substantial conformity with the form of real estate
sale contract which was included in the Offeror's Package. Mr and
Mrs. Nallaknshnan have submitted an earnest money check in the
amount of Fifty Thousand Dollars ($50,000 00) as required under the
terms of the Real Estate Sale Contract. The price submitted by Mr and
Mrs. Nallaknshnan is well in excess of the appraised value of Five
Hundred, Fifty Thousand Dollars ($550,000.00).
Village Attorney Martens recommended that the Village President and
Board of Trustees pass Resolution 2003- AG -TX- PRPTY -EXI -R -838 as
presented A two - thirds (2/3) vote of the corporate authorities holding
office is required to pass the resolution
VILLAGE OF OAK BROOK Minutes
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Page 5 of 20 March 25, 2003
8 B 1) Motion by Trustee Caleel, seconded by Trustee Konn, that the Village
Board approve Resolution 2003- AG -TX- PRPTY -EXI -R -838, "A
Resolution Authorizing Execution of Real Estate Sale Contract (Lot 3 —
Sports Core /Westchester Park Subdivision) " ROLL CALL VOTE
Ayes 6 - Trustees Aktipis, Caleel, Craig, Konn, Miologos and Savino
Nays 0 — None
Absent: 0 - None. Motion carried.
Discussion ensued relative to the process and marketing of the
remaining parcels
C AWARD OF CONTRACTS
AWARD CT
1) COMMERCIAL WATER METER TESTING, REPAIR & COM WTR N(TR
REPLACEMENT 13 1, RPR & REPLC
One sealed bid was received on March 13, 2003 The Village owns a
number of larger water meters (1 1/2" to 8 ") located in commercial
structures, that requires periodic testing, repair and replacement. These
activities are particularly important since the water usage is high,
breakdowns are more frequent for large meters, and significant revenue
is lost when the meters are inoperable Frequent maintenance helps
ensure accuracy and reduce unaccounted for volume.
M.E Simpson has been awarded the large water meter testing contract
for the past 6 years; they were the low bid time before last and the only
bid last time. The Village has found their work to be accurate,
professionally administered and in compliance with the American Water
Works Standards for large water meter testing and repair.
The contractor will be testing, repairing and replacing these large water
meters on an as- needed basis, prompted by Village work orders.
The total estimated cost is based on an estimate of the number of meters
requiring maintenance during each year The cost of any required mayor
maintenance parts will be supplied at a 5% discount from
manufacturers' retail price
Motion by Trustee Miologos, seconded by Trustee Savino, that the
Village Board award a three year contract, subject to staff review, to the
lowest responsive and responsible bidder, M.E Simpson Company, Inc.,
3406 Enterprise Avenue, P.O. Box 1995, Valparaiso, IN 46384 -1995 at
the bid unit prices for the testing, repair and replacement of water
meters, at an estimated annual cost of $19,325 ROLL CALL VOTE
VILLAGE OF OAK BROOK Minutes Page 6 of 20 March 25, 2003
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