R-759 - 11/14/2000 - TAX - Resolutions Supporting DocumentsPvE p F O A,r
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VILLAGE OF OAK BROOK
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1200 OAK BROOK ROAD
OAK BROOK, ILLINOIS 60523 -2255
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PHONE: 630 990 -3000
FAX: 630 990 -0876
MEMORANDUM W E B S I T E: www.oak- brook.org
November 9, 2000
Village President and Board of Trustees
CT: Sale Contract -1220 Oak Brook Road
RECOMMENDATION: That the Village Board approve the attached resolution
authorizing the Village President and Clerk to execute the attached real estate sale
contract between the Village of Oak Brook and the DuPage Mayors and Managers
Conference for the sale of the property located at 1220 Oak Brook Road at a price of
$485,000.00 less a credit of $115,000.00 in property improvements.
orted previously, tentative agreement has been reached on a contract to sell the Village -
property at the northwest corner of 31" Street and Jorie Boulevard (known to many as the
)o" property), and the adjacent parcel (Forest Gate Lot 82) to the DuPage Mayors and
ers Conference. The agreement follows several months of study investigation on the part of
nference and is consistent with the Village's long- standing interest in putting this asset to
tive use on behalf of the Village.
DESCRIPTION OF THE PROPERTY
The property consists of Lot 1 of the International Association of Y's Men's Clubs Assessment Plat
(0.722 acres) and Lot 82 of the Forest Gate Subdivision (0.196 acres). The total land area is 0.918
acres (40,007 square feet). The property is zoned R -3 Single Family Detached Residence District
and is covered by a special use (on Lot 1) for a governmental service facility. The existing structure
on Lot, l contains 2,793 square feet of floor area plus a partial basement used for storage.
Lot li has always taken its primary access from the larger tract to its west (formerly known as
"Village Green ") which has since become the Forest Gate Subdivision. As part of the subdivision
and special use approval process for Forest Gate, it was determined that a small out -lot (Lot 82)
would be deeded to the Village in order to maintain this access. Forest Gate retains the right to use
Lot 82 for construction access and for emergency access thereafter.
r � jai
Village President and Board of Trustees
November 9, 2000
Page! 2
Y OF THE PROPERTY
ge purchased Lot 1 and the existing structure in 1984 for $285,000. At that time the
vas zoned B -1 Local Shopping Center District (it had been so zoned since 1959) and was
by a beauty shop known as "The Gazebo" (the Y's Men's Clubs Association had vacated
ng in the mid- 1970's). By all accounts, the Village's motivation in purchasing the
vas to exercise the ultimate form of control over use and zoning of this prominent corner
xnership.
In 1986, the Village rezoned the property to R -3. The beauty shop continued to occupy the property
as a nl nconforming use until early 1991, when it vacated the premises with about 20 months
remaiining on its lease. Then - Village Trustee Kelly Skinner, who was a real estate professional,
estimated the value of the property at that time at between $150,000 and $200,000. Given the
residential zoning, the only practical options for the property were sale, use by the Village or use by
anothel governmental entity pursuant to the same special use provisions under which the Village
Commons exists in an R -3 district.
In 19911, the DuPa a Mayors and Managers Conference which was occupying space in the Carol
Stream Village Hall, was in need of different and larger quarters. Prior to its move to Carol Stream,
the Conference had occupied space in the Oak Brook Village Hall and had moved to Carol Stream
in 1981 for similar reasons.
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Late in 1991, the Village and Conference reached agreement on a lease arrangement under which
the Conference would improve the building exterior and interior and occupy it, without rent, for a
term of 15 years. The Conference has the right to extend for 5 years beyond the initial term (which
ends January 31, 2007) subject to notice and mutual agreement on rent. During the initial term,
should the Village terminate the lease the Conference is entitled to a year's notice and compensation
equal to 1115 of its improvement costs for each year or portion thereof remaining in the 15 -year
term.
The Conference invested a total of $251,180.00 in the property. Approximately $130,000.00 went
to improve the site, repair the exterior of the building, and perform major work on the mechanical,
electrical and plumbing systems of the building. The rest went into the interior leasehold
improvements. Currently, the amount of compensation due on termination would be $117,217.33
(7/15 x $251,180.00).
THE CASE FOR SALE
From time to time, the Village has considered terminating the lease in order to utilize the now
improved building for its own purposes. As space planning and design has proceeded over the past
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Village President and Board of Trustees
November 9, 2000
Page! 3
4
several years for what we now call the Municipal Complex Project, this question has been visited
several times.
The building could house certain Village functions very nicely (Engineering, Community
Development, .Fire Prevention, for example), but it could comfortably accommodate only one such
function. This would undermine the goal, which is met in the Municipal Complex Project's design,
of grouping these functions together for improved efficiency and customer service. Thus, it has
been our conclusion that selling the property, thereby converting the asset to cash, is the best way to
put the property to productive use for the Village.
The proposed transaction has several advantages for the Village:
• It generates substantial funds for the Municipal Complex Project.
• Control over use is maintained through zoning, special use and right of first refusal.
• It ensures that the DuPage Mayors and Managers Conference will remain in Oak Brook
for the foreseeable future. The Village benefits substantially from its involvement in the
Conference and from the proximity of the Conference's offices to the Village's offices.
The lone disadvantage that I have been able to identify is the loss of opportunity to reassume
possess m ion of the property, without compensation, at the end of the lease ter or if the Conference
Nvere to terminate sooner. At such time, the Village would presumably have a more valuable asset
that it, would be able to lease or sell, subject to the limitations of its zoning.
THE PROPOSED SALE
The key terms of the proposed sale are summarized as follows:
,Y P P
Price: The actual sale price will be $485,000, which is the average of the two appraisals that have
been made, the Conference's at $470,000 and the Village's at $500,000. Pursuant to State law, the
Village cannot sell property through the procedure being used here for less than 80% of the
propert�y's.appraised value. $485,000 is 97% of $500.000.
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In a separate step, the parties have agreed on a credit for property improvements previously paid for
by the buyer of $115,000, slightly less than the compensation payable under the existing lease if the
Village were to terminate it as of now. This results in a net amount of $370,000.
The sale will be contingent on the Conference obtaining
1. Necessary financing.
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Village President and Board of Trustees
November 9, 2000
Page 4
2. A Zoning Ordinance text amendment to clarify that "governmental service facility"
specifically includes intergovernmental and quasi - governmental organizations such as the
Conference.
3: An amendment to the existing special use for the proposed expansion of the building and
additional improvements to the site.
4:
A building permit.
in • Closing is to occur within 30 days of satisfaction of the contingencies, but no later than
July 16, 2001.
Lot 2• Prior to closing the Village will undertake to consolidate Lot 82 with Lot I. creating a new
lot of record which will properly reflect all easement rights of utilities and Forest Gate's rights for
emer ,Qencv access.
Right 'of First Refusal: The Village will retain the right to purchase the property on the same terms
as a new purchaser should the Conference ever decide to sell it. This right will be recorded.
Waiver of Fees: The Village agrees to waive public hearing and permit fees, net of its out-of-
pocket, expenses, connected with the text amendment and special use processes and the further
improvements to the property.
CONCLUSION
Based on all of the foregoing, I am of the opinion that sale of this property on the terms outlined
above is in the best interests of the Village and I recommend approval of the resolution. The
resolution was prepared by Attorney Martens, who also developed the contract in conjunction with
the attorney for the Conference.
This matter will appear on your Active Agenda for consideration on November 14. Please let me
know if you have any questions.
Stephen B. Veitch
Village Manager
/sv
cc: Richard A. Martens, Village Attorney
7. B. 5) RESOLUTION #2000 -TX- PRPTY -EXP -EX2 -R -759
RESOLUTION AUTHORIZING THE EXECUTION OF A
CONTRACT FOR THE SALE OF PUBLIC REAL ESTATE TO
DUPAGE MAYORS AND MANAGERS CONFERENCE
{1220 OAK BROOK ROAD, OAK BROOK, IL 60523)-
The property consists of Lot 1 of the International Association of Y's
Men's Clubs Assessment Plat (0.722 acres) and Lot 82 of the Forest
Gate Subdivision (0.196 acres). The total land area is 0.918 acres
(40,007 square feet). The property is zoned R -3 Single Family
Detached Resident District and is covered by, a special use (on Lot 1)
for a governmental service facility. The existing structure on Lot 1
contains 2,793 square feet of floor area plus a partial basement used for
storage.
Lot 1 has always taken its primary access from the larger tract to its
west (formerly known as "Village Green ") which has since become the
Forest Gate Subdivision. As part of the subdivision and special use
approval process for Forest Gate, it was determined that a small out -lot
(Lot 82) would be deeded to the Village in order to maintain this
access. Forest Gate retains the right to use Lot 82 for construction
access and for emergency access thereafter.
The proposed transaction has several advantages for the Village:
• It generates substantial funds for the Municipal Complex Project.
• Control over use is maintained through zoning, special use and right
of first refusal.
• It ensures that the DuPage Mayors and Managers Conference will
remain in Oak Brook for the foreseeable future. The Village
benefits substantially from its involvement in the Conference and
from the proximity of the Conference's offices to the Village's
offices.
The sale will be contingent on the Conference obtaining:
1. Necessary financing.
2. A Zoning Ordinance text amendment to clarify that "governmental
service facility" specifically includes intergovernmental and quasi -
governmental organizations such as the Conference.
3. An amendment to the existing special use for the proposed
expansion of the building and additional improvements to the site.
4. A building permit.
President Bushy noted that the Village retains a right of first refusal
should the Conference decide to sell the property in the future. Staff
VILLAGE OF OAK BROOK Minutes
1�51
Page 6 of 13 November 14, 2000
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7.
has determined that it is not feasible to use the facility for Village
operations, as only one Village department could be accommodated in
that building, it has limited access and is far removed from other
departments.
B.5. Village Manager Veitch explained the sale price is $485,000, which is
the average of two appraisals. Pursuant to State Statute the Village
may not sell the property through this type of procedure for less than
80% of the property's appraised value. Separately, the parties have
agreed on a credit for property improvements previously paid for by the
Conference in the amount of $115,000. That amount is slightly less
than the compensation which would be payable under the existing lease
if the Village were to terminate it now. This results in a net amount of
$370,000. In 1991, the Conference invested over $250,000 in the
property with approximately $130,000 of that amount used to improve
the site, repair the exterior of the building and perform major work on
mechanical, electrical and plumbing systems. The remainder was spent
on interior leasehold improvements. The amount of compensation that
would be due, if the Village were to terminate the lease, would be
approximately $117,000.
Trustee Savino requested drafting a contract where at the end of the
current lease, the Conference has the option to purchase the property at
the appraised value. The Board discussed further the issue of the
$115,000 credit given the Conference.
President Bushy noted that, under its current zoning, only another
governmental agency or quasi - governmental body could purchase this
property. She stated the Village has benefited more from having the
DuPage Mayors & Managers Conference than having them elsewhere.
Our larger home -rule communities, whether through financing or other
mechanisms available through home -rule, have frequently assisted the
Conference more than the Village has been asked.
Lynn Montei, Executive Director, DuPage Mayors and Managers
Conference addressed the Village Board. She explained that the
property improvements that are still outstanding are, in the
Conference's view, owed to the cities and villages of DuPage County
who funded the repair of a building that was in deplorable condition.
That has not, in the view of those who negotiated the agreement, been
retired as of yet. They believe that the $115,000 represents funds
expended improvements on the Village of Oak Brook's behalf.
VILLAGE OF OAK BROOK Minutes
Page 7 of 13 November 14, 2000
7. B. 5. Trustee Savino recommended that staff discusses this further with the
Conference and presents a different proposal to the Village Board.
President Bushy indicated that staff has done that and if this is not
approved that the Conference will move to another site in order to
expand.
Motion by Trustee Caleel, seconded by Trustee Kenny, to approve the
sales contract provided the right of first refusal is modified to include
$115,000 credit if the Village elects to exercise the right.
Village Attorney Martens clarified that in the fourth paragraph, last
sentence of the rider, would then read: "At the closing, Purchaser shall
execute and record a right in, favor of seller to purchase the subject
property on the same terms as a new purchaser less a credit of
$115,000."
Village Attorney Martens further indicated that the Conference's
attorney had agreed to delete the requirement that the Village provide
extended coverage on the Title Insurance Policy.
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Motion by Trustee Caleel, seconded by Trustee Kenny, to authorize the
Village President and Clerk to execute a real estate sales contract
between the Village of Oak Brook and the DuPage Mayors and
Managers Conference for the sale of property located at 1220 Oak
Brook Road at a price of $485,000.00 provided that the right of first
refusal is modified to read "At the closing Purchaser shall execute and
record a right in favor of seller to purchase the subject property on the
same terms as a new purchaser less a credit of $115,000." and further
provided that the requirement that the Village provide extended
coverage on the Title Insurance Policy is deleted. ROLL CALL
VOTE:
Ayes: 4 - Trustees Caleel, Craig, Kenny and McInerney.
Nays: 1 - Trustee Savino.
Absent: 1 - Trustee Butler. Motion Carved.
Motion by Trustee Caleel, seconded by Trustee Kenny, to approve
Resolution #2000 -TX- PRPTY- EXP -EX2 -R -759, "A Resolution
Authorizing the Execution of a Contract for the Sale of Public Real
Estate to DuPage Mayors and Managers Conference (1220 Oak Brook
Road, Oak Brook, IL 60523)." ROLL CALL VOTE:
Ayes: 4 - Trustees Caleel, Craig, Kenny, and McInerney.
Nays: 1 - Trustee Savino.
Absent: 1 - Trustee Butler. Motion carried.
VILLAGE OF OAK BROOK Minutes Page 8 of 13 November 14, 2000
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7. C. 3) BATH &TENNIS CLUBHOUSE PROJECT.
Ten companies, of which eight submitted bids, picked up bid packages.
The low base bid submitted by Sigalos and Associates was
$1,588.000.00. Sigalos subsequently negotiated a reduced base bid
with his subcontractors for a revised base bid of $1,581,376.00. In
addition, a letter from Larson - Kramer & Associates (Project Architects)
recommends the acceptance of various alternates and reductions
resulting in a revised total bid price of $1,520,000.00. Alternates #5, 7
and 17 were changed in scope after review of the low bid. A revised
project schedule will be issued upon receipt of permits. Substantial
completion is anticipated by June, 2001.
Peter Kramer, Architect, Kramer, Larson & Associates, presented the
various alternates and reductions in the revised bid proposal to the
Village Board.
Motion by Trustee McInerney, seconded by Trustee Kenny, that a
contract be awarded, subject to staff review, to the lowest responsible
bidder: Sigalos and Associates, 451 North York Road, Elmhurst, IL
60126 for renovations to the Bath & Tennis clubhouse at a lump sum
cost of $1,520,000. ROLL CALL VOTE:
Ayes: 5 - Trustees Caleel, Craig, Kenny, McInerney and Savino.
Nays: 0 - None.
Absent: 1 - Trustee Butler. Motion carried.
7. (:::B .5 President Bushy announced that the Village Board must re- address
Agenda Item 7.13.5. Resolution #2000 -TX- PRPTY - EXP - EX2 -R -, "A
Resolution Authorizing the Execution of a Contract for the Sale of
Public Real Estate to DuPage Mayors and Managers Conference (1220
Oak Brook Road, Oak Brook, IL 60523)," for approval of the
Resolution as two- thirds of the corporate authorities are required by
State Statute. With one Trustee absent and one voting "nay," the
Village President is entitled to vote. Village Attorney Martens stated
that in order to revisit the matter, it would be appropriate for a Trustee
who voted in favor of the Resolution to move to reconsider the
Resolution.
Motion by Trustee Caleel, seconded by Trustee Kenny, to reconsider
Resolution #2000- TX- PRPTY- EXP -EX2 -R -759, "A Resolution
Authorizing the Execution of a Contract for the Sale of Public Real
Estate to DuPage Mayors and Managers Conference (1220 Oak Brook
Road, Oak Brook, IL 60523). ROLL CALL VOTE:
VILLAGE OF OAK BROOK Minutes Page 10 of 13 November 14, 2000
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B &T PRJ
RES N00 -TX-
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1220 OB RD
Ayes: 5 - President Bushy, Trustees Caleel, Craig, Kenny and
McInerny.
Nays: 1 - Trustee Savino.
Absent: 1 - Trustee Butler. Motion carried.
Motion by Trustee Caleel, seconded by Trustee Kenny, to approve
Resolution #2000 -TX- PRPTY- EXP -EX2 -R -759, "A Resolution
Authorizing the Execution of a Contract for the Sale of Public Real
Estate to DuPage Mayors and Managers Conference (1220 Oak Brook
Road, Oak Brook, IL 60523)," with the changes to the real estate sales
contract which were approved in a prior motion. ROLL CALL VOTE:
Ayes: 5 - President Bushy, Trustees Caleel, Craig, Kenny and
McInerny.
Nays: 1 - Trustee Savino.
Absent: 1 - Trustee Butler. Motion carried.
D. CANCELLATION OF THE DECEMBER 25, 2000 COMMITTEE -
OF -THE WHOLE AND DECEMBER 26, 2000 VILLAGE BOARD
MEETINGS:
It has been tradition for the regular Village Board meeting scheduled
for the fourth week of December to be canceled due to the
Christmas/New Year's holidays. Since the Committee -of -the -Whole
meeting now precedes this Board meeting, it is recommended that the
Village Board cancel both the December 25, 2000 Committee-of-the -
Whole and December 26, 2000 Village Board meetings this year.
Motion by Trustee Savino, seconded by Trustee Kenny, to cancel the
Village Board December 25, 2000 Committee -of- the -Whole and the
December 26, 2000 Village Board meetings. VOICE VOTE. Motion
carried.
E. EMERGENCY WATER INTERCONNECTION AGREEMENT -
ELMHURST:
Staff has reached agreement with the City of Elmhurst for an
emergency water interconnection at the southeast corner of Butterfield
Road and Knighton Court. This emergency connection would provide
a means of serving the Yorkfield area (certificated area north of
Roosevelt Road and west of I -88 spur) in the event of a problem with
either of the two mains that run under Roosevelt Road to serve this
area. The agreement is substantially identical to similar agreements the
Village has in place with the Villages of Lombard, Downers Grove,
Westmont, Hinsdale and Hillside. As the interconnect with benefit
VILLAGE OF OAK BROOK Minutes Page 11 of 13 November 14, 2000
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Cow -12 /25/00
BOT- 12/26/00
EMGNCY H2O
INTCN AGRMT
ELMURST
• CHICAGO TIrLt IN11JRA1ICt COMr^I.V • ILt•IH019 FORM a•
Real Estate Sale Contract EXHIBIT B
1. WAGE MAYORS and MANAGERS CONFERENCE,an Illinois not-for profit corporation,(Purchaser)agrees to purchase at a price of$485,000
less a$115,000 credo fur improvements made to the below described property by Purchaser while Purchaser was leasing the below described property
from Seller,on the Ictrtti set forth herein,the following described real estate in DuPage County,Illinois:
See Attached Legal Description
I
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1220 Oak Brook Road and adjoining lot
commonly known as - g and with approximate lot dimensions of
x ,together with the following property presently located thereon:
i
2. VILLA GE OF OAK BROOK, an Illinois municipal corporation (Seller)
agrees to sell the real estate and the property described above, if any,at the price and terms set forth herein,and to convey or cause to be conveyed to
Purchaser or nurlui ee title thereto by a recordable Warranty deed,with release of homestead rights,if any,and a proper bill of sale,
subject only tar. (al covenants, conditions and restrictions of record;(b) private, public and utility casements and roads and highways,if any;!a)rat!
will ighe d agr
Ant Itet rIrtCd' r
� erlyege-o
tr i dNd spacifi.d below,"nyf(h)general taxes for the year noire and subsequent years including taxes which may accrue by reason of new or
additional improve. ents during the year(s) none ;and to
See Attached Rider
3. Purchaser has paid S 5,000.00 as earnest money to be applied on the purchase pace,and agrees to pay or satisfy the balance of
the purchase pit, plus or minus proralions,at the time of closing as follows:(strike language and subparagraphs not applicable]
I
(a) The paym- J f> 365.000.00
( e� I .
to be eviJenc Id by the note of the purchaser (grantce), providing fur full prepayment privileges w1 penalty, which shalt be secured by a
past purchase money mortgage(trust deed),the latter instrument and the note to be in the form o attached as Schedule B,or,in the absence of
this attachmenll, the forms prepared by a • entified as Nos ,•• and
by a secunt) agreement(as to which Purchaser will execute or cause to be execut ch financing statements i%may be required under the Uniform
Commercial Code in order to make the lien created thereunder effectiv nd an assignment of rents, said security agreement and assignment of
rents tor be in the forms appended hereto as Schedules C and D aser shall furnish to Seller an American Land Title Association loan policy
insuring the mortgage(trust deed)issued by the Chicago T nsurancc Company.
(••lf a Schedulle B is not attached and the b are not filled in,the note shall be secured by a trust deed,and the note and trust deed shall be in
the forms used by the Chicago Title a ust Company )
(c) The acceptance of th a to the real estate by Purchaser subject to a mortgage or trust deed of record securing a principal indebtedness(which the
Purchaser (do oes notl agree to assume)aggregating$ bearing interest at the rate of %a year,and the
payme a sum which represents the difference between the amount due on the indebtedness at the time of closing and the balance of the
.1
4. Seller, at his owe expense,agrees to furnish Purchaser a current plat of survey of the above teal estate made,and so certified by the surveyor as having
been made,in compliance with the IMMOKKk�'szo g Standards
5 The time of closing shall be on see Rider or on the date, if any,to which such time is extended by reason of parigraph 2 of the
Conditions and Stipulations hereafter becoming operative (whichever date is later), unless subsequently mutually agreed otherwtse, at the offwc of
Chicago T1Lle — Wheaton Off iceb, of the mortgage lender, if any, provided title is shown to be good or is accepted by the purchaser
6 Seller agrees to pay a broker's commission to None
in the amount set forth in the broker's listing contract or as follows None
7. The earnest money shall be held by Village of Oak Brook
for the mutual bent lit of the parties.
g. SCller Warrants that Seller. its henerirs2riet nr aoenic of Giler nr of do A....(, ,+.,.. 6ev. •. .. ..1 ^ r•^-^ --•• -••-• •••"--- --
i
CONDITIONS AND STIPULATIONS Within 30 days after executio
hereof
1. Seller shall deliver or cause to be delivered to Purchaser or Purchaser's agent, the plat of survey tip
and a tick commitment for an owmV title Insurance policy Issued by the MOW Tide
insurance Company In the amount of the purchase Price, covering tide to the real estate on or after the date hereof, showing title In the Intended grantor
subject only to(a) the general exceptions contained in the policy, (b) the title exceptions set forth above, and (c) title exceptions pertaining to ileac or
encumbrances of a definite or ascertainable amount which may be removed by the payment of money at the time of closing and which the Seller may to
remove at that Or., I j� using the funds to be paid upon the delivery of the deFd (ail of which are herein referred to as the permitted exceptions). 7U title
commitment shall be conclusive evidence of good title as therein shown as to all matters Insured by the policy, subject only to the exceptions as therein
stated. Seller also shall furnish Purchaser an affidavit of title In customary form covering the date of closing and showing tide In Seller subject only to the
permitted exceptions:14 foregoing items (b) and (c) and unpermitted exceptions or defects in the title disclosed by the survey, if any, as to which the title
Insurer commits to extend Insurance In the manner specified In paragraph 2 below.
2. If the title commitment or plat of survey(if one is required to be delivered under the terms of this contract)discloses either unpermitted exceptions or
survey matters that render the title unmarketable(herein referred to as "survey defects"), Seller shall have 30 days from the date of delivery thereof t0 have
the exceptions removed from the commitment or to correct such survey defects or to have the title Insurer commit to Insure against loss or damage that may
be occasioned by such exceptions or survey defects, and. In such event, the time of closing shall be 33 days after delivery of the commitment or the time
expressly specified in paragraph S on the front page hereof,whichever Is later. If Seller falls to have the exceptions removed or correct any survey defects,
or In the alternative, to obtain the commitment for title Insurance specified above as to such exceptions or survey defects within the specified time,
Purchaser may tenrduate this contract or may elect, upon notice to Seller within 10 days after the expiration of the 30-day period,to take title as it then h
with the right to deduct from the purchase price liens or encumbrances of a definite or ascertainable amount. If Purchaser does not so elect, this contract
shall become null and void without further action of the parties.
3, Rents,premiums under assignable insurance policies, water and other utility charges, fuels.prepaid service contracts,general taxes,accrued Interest on
mortgage indebteducss, if any, and other similar items shall be adjusted ratably as of the time of closing. The amount of the current general taxes not then
ascertainable shall be Adjusted on the basis of(air(b), or(c) below (Strike subparagraphs not applicable):
I
(c)[Other] None — exempt property
The amount of any general taxes which may accrue by mason of new or additional Improvements shall be adjusted as follows: None
All promtlons are final unless otherwise provided herein. Existing leases and assignable Insurance policies, If any, shall then be assigned to Purchaser. Seller
shall pay the amountlof any stamp tax Imposed by State law on the transfer of the title, and shall furnish a completed Real Estate Transfer Declaration
signed by the Seller or the Seller's agent In the form required pursuant to the Real Estate Transfer Tax Act of the State of Illinois and shall furnish any
declaration slgncJ Ly the Seller or the Seller's agent or meet other requirements as established by any local ordinance with regard to a transfer or transaction
tax,, such tax required by local ordinance shall be paid by the party upon whom such ordinance places responsibility therefor. if such ordinance does not so
place responsibility, the tax shall be paid by the (Purchaser) (Seller). (Strike one.)
„ as Seller's
4. The provisions if the Uniform Vendor and Purchaser Risk Act of the State of Illinois shall be applicable:6r.this cons exclusive reined;
S. If this contact is terminated without Purchaser's fault, the earnest money shall be returned to the Pu but If the termination Is causod by the
Purchaser's fault, the i upon notice to the Purchaser, the earnest money shall be forfeited to the Seiler Ant
sompnissio"I the Wanes, if a to be retained by the Seller as liquidated damages. New York Style
6. a shall be closed through an
escrow with Chicago Title and Trust Company, In accordance with the general provisions of the usual form o and Money Escrow Agreement then in
use by Chicago Title and Trust Company, with such special provisions Inserted In the escrow agreement as may be required to conform with this contract.
Upon the creation of such an escrow, anything herein to the contrary notwithstanding, payment of purchase price and delivery of deed shall be made
through the escrow and this contract and the earnest money shall be deposited In the escrow.The cost of the escrow shall be divided equally between Seller
and Purchaser. (Strike paragraph (f Inapplicable.)
7. Time Is of the essence of this contract.
8. All notices herein required shall be in writing and shall be served on the parties at the addresses following their signatures,The mailing of a notice by
registered or certified mail, return receipt requested, shall be sufficient service.
9. Alternative 1:
Seller represents that he is not a "foreign person" as defined in Section 1445 of the Intcrnal:Itevanue Code and Is therefore exempt from the
withholding requirements of said Section. Seller will furnish Purchaser at closing the Exemption Certification set forth In said Section.
Purchaser represents that the transaction Is exempt from the withholding requirements of Section 1445 of the Internal Revenue se Pumhuer
j RIDER TO REAL ESTATE CONTRACT
1. This Rider is attached to and made a part of a certain Real Estate Sales Contract between
D;uPAGE MAYORS AND MANAGERS CONFERENCE, an Illinois not-for-profit
corporation, "Purchaser", and the VILLAGE OF OAK BROOK, an Illinois municipal
corporation, "Seller". In the event of any conflict between the provisions of this Rider and
the Real Estate Sales Contract, the provisions of this Rider shall control.
2. Closing of this Contract shall be contingent upon the following:
(a) Purchaser's acquisition of financing on or before July 2, 2001 for 100% of the
purchase price of the real estate upon terms and conditions satisfactory to Purchaser
in its sole discretion.
(b) Purchaser obtaining governmental approvals on or before July 2, 2001 for the
development of the real estate satisfactory to Purchaser in its sole discretion. Said
governmental approvals shall include the following: amendment of the Village of
Oak Brook Zoning Ordinance for the R-3 District to include a conference of
municipal governments and related uses as a special use; an ordinance approving a
special use for the real estate allowing a conference of municipal governments and
related uses with a site plan allowing for the expansion of the existing building and
parking areas; and an unconditional building permit for the building and parking lot
expansions set forth in the ordinance approved site plan.
In the event that Purchaser is unable to satisfy one or both of the above contingencies within
the time specified and so notifies Seller in writing within that time, this contract shall be null
and void and all earnest money shall be returned to Purchaser. In the event that Purchaser
fails to so notify Seller within the time specified, Purchaser shall be deemed to have waived
said contingencies and shall close on the purchase of the real estate on July 16, 2001, or
such other date agreed to by the parties.
3. Seller shall process and record a "plat of consolidation" creating a single lot for the real
estate. Said plat to be recorded on or before the date of closing. Said plat shall be prepared
by the Seller and shall not create any new easements or restrictions without approval of
Purchaser, said approval not to be unreasonably withheld.
4. Closing on this Contract shall occur on July 16, 2001, or such other date agreed to by the
parties. Upon closing, the lease between Purchaser and Seller shall be terminated and all
rights of Lessor and Lessee shall be extinguished. In the event this Real Estate Sales
Contract is terminated without closing, said lease shall remain in full force and effect. At
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the closing, Purchaser shall execute and record a right in favor of the Seller to purchase the
Subject Property on the same terms as a new purchaser less a credit of$115,000.
5. Seller agrees to waive all zoning, subdivision, special use, and building permit fees for
Purchaser with regard to the real estate incurred prior to July 16, 2001.
Date: November 14 , 2000.
Purchaser: Seller:
DuPAGE MAYORS AND MANAGERS VILLAGE OF OAK BROOK,
CONFERENCE, an Illinois not-for-profit an Illinois municipal corporation
corporation
By: %/l� By
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GAZEBO RIDER
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EXHIBIT A
That part of Section 26, Township 39 North, Range 11, East of the Third Principal
Meridian, DuPage County, Illinois, also being a part of Lot 1 of Old Oak Brook
Assessment Plat No. 3 recorded January 27, 1965 as Document No. R65-2793,
described as follows: Commencing at the Southeast corner of the Southwest Quarter
of said Section 26; thence N 89° 40' 30" W along the South line of the Southwest
Quarter of said Section 26, a distance of 279.05 feet for a place of beginning; thence N
0° 05140" W a distance of 233.00 feet; thence N 890 40' 30" W along a line parallel to
the South line of said Southwest Quarter of Section 26, a distance of 206.00 feet;
thence S 0° 05' 40" E a distance of 233.00 feet to a point on the South line of said
Southwest Quarter of Section 26; thence S 890 40' 30" E along the South line of said
Southwest Quarter of Section 26, a distance of 206.00 feet to the place of beginning.
Permanent Parcel No. 06-26-301-009.
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