R-860 - 10/28/2003 - TAX - ResolutionsRESOLUTION 2003- AG -TX- PRPTY- EX1 -R- 860
A RESOLUTION AUTHORIZING EXECUTION OF REAL ESTATE SALE CONT
(Lots 1 and 2 -- Sports Core/Westchester Park Subdivision)
WHEREAS, the Village of Oak Brook is the owner of the following described real estate
LOTS 1 AND 2 IN SPORTS CORE/WESTCHESTER 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 Lot 1 is located at the east side of Lincoln Road approximately 255 feet north of Oak Brook
Road/3 ist Street in the Village of Oak Brook, and is currently vacant, and Lot 2 is located on the
east side of Lincoln Road approximately 200 feet north of Oak Brook Road /31St Street, and is
currently vacant, ( "the Subject Property'), and
i
WHEREAS, pursuant to Section 11 -76 -4 1 of the Illinois Municipal Code,
65 ILCS 5/11 -
76 -4.1, the Village Board has heretofore 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,
WHEREAS, Montalbano Builders, Inc has offered to enter into a real estate sale contract
with the Village to purchase the Subject Property at a purchase price of One Million Twenty -Five
Thousand Dollars ($1,025,000 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 agreed to furnish to the Village an earnest money check in the amount of Fifty
Thousand Dollars ($50,000 00), and
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 Manager and Village Clerk are hereby authorized and directed to
execute a Real Estate Sale Contract with Montalbano Builders, Inc for the sale of Lots 1 and 21 in Sports
Core /Westchester Park Subdivision in the amount of One Million Twenty -Five Thousand Dollars
($1,025,000 00) The Board hereby approves said Contract, a copy of which is attached hereto and
labeled Exhibit "A"
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Resolution 2003- AG- 1X- PRPTY- EX1 -R- 860
Authorizing the Execution of Real Estate
Sale Contract, Page 2
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 Manager 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 Manager and Village Clerk are hereby authorized and i 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 28thday of October , 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
Trustees Aktipis, Craig, Korin, Miologos and Yusuf
Nays None
Absent Trustee Caleel
Abstain None
illage President