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HomeMy Public PortalAboutResolution 1426RESOLUTION NO. ~~ RESOLUTION AUTHORIZING SALE OF SURPLUS PUBLIC REAL ESTATE WHEREAS, the Village of Plainfield owns the following described real property: That part of the Southeast Quarter of Section 4, Township 36 North, Range 9 East of the Third Principal Meridian, Plainfield Township, Will County, Illinois, lying Southwesterly of the Westerly Right of Way line of the Elgin, Joliet and Eastern Railroad and South of a line described as follows: Beginning at a point on the West line of the said Southeast Quarter that is 497.40 feet North of the Southwest corner thereof, thence East at right angles to the West line of the Southeast Quarter of said Section 4, a distance of 324.06 feet to the Westerly Right of Way line of the Elgin, Joliet and Eastern Railroad, (excepting therefrom the West 233.00 feet and the South 50.00 feet thereof), all in Will County, Illinois. WHEREAS, Said property consists of a lot of ninety-two thousand nine hundred forty (92,940) square feet and a building consisting of sixteen thousand one hundred sixty-one (16,161) square feet, cansisting of an office of one thousand six hundred twenty-five (1,625) feet and a garage of fourteen thousand five hundred thirty-six (14,536) feet, which property is located at 833- 835 West 143rd Street, Plainfield, Illinois and is currently zoned ORI, Office, Research and Light Industrial; and WHEREAS,. the President and Board of Trustees of the Village of Plainfield have determined that it is no longer necessary, appropriate, or in the best interest of the Village that it retain title to said real estate, and that said real estate is not required for the use of, or profitable to the Village; and WHEREAS, the value of said real estate has been determined by a written MAI certified appraisal or by a written certified appraisal of a State certified or licensed real estate appraiser, which is on file with the Village Clerk and is available for public inspection during normal business hours; and NOW THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF FLAINFIELD, WILL AND KENDALL COUNTIES, ILLINOIS, AS FOLLOWS: Section 1: That the President and Board of Trustees find as facts the recitals hereinabove set forth. Section 2: That the Village Administrator and/or Village Attorney are hereby authorized and directed to conduct the sale of the Village's interest in said real property and they are hereby further authorized and directed to execute and deliver such other instruments as may be necessary ar convenient to consummate such sale. Said conveyance shall be signed by the Village President and attested by the Village Clerk. Section 3: This Resolution shall be published at the first opportunity following its passage in a newspaper published in the Village of Plainfield. ADOPTED this ~_ day of , 2004, by the Corporate Authorities of the Village of Plainfield on a roll call vote as fo ows: AYES: NAYES: ~~ ABSENT: ~~ APPROVED this -~ day of ~ 2004, by the President of the Village of Plainfield. o~~~~~~ Village President RIDER This rider is made a part of a certain real estate contract between Charles and Elizabeth Eich as Buyer and the Village of Plainfield as Seller, for the real estate commonly know as 833-835 W 143xd Street, Plainfield, Will County, Illinois; IT IS HEREBY AGREED AS FOLLOWS: 1. That where the terms with this Rider conflict with the terms of the pre- printed contract form, the terms of this Rider shall control. 2. Attached and marked as Exhibit J. and hereby made a part of this Rider is a commitment letter to the Buyer from r ounders Bank. That the financing language in paragraph 2 of the contract is deleted and the closing of the transaction is subject to the financing commitment of the Buyer attached hereto as Exhibit one. 3. Paragraph 5 of the contract is deleted in its entirety. 4. Paragraph 6 of the contract POSSESSION is modified as follows: The parties agree that Seller may withhold possession of the premises for a period of sixty (60) days following closing. However, Seller will also permit Buyer possession of the south portion of the building immediately following closing, in order to do remodeling work. However, the Village currently uses the south end of the, building for maintenance work on village vehicles; and Buyers possession and remodeling work is subject to Sellers need for the use of the premise in maintaining its vehicles. That the parties will determine at closing a per diem rental based on 1 / 30~' of Buyers monthly payments for principal and interest on Buyers mortgage together with payments for real estate taxes and hazard insurance. 5. Paragraph 9 of the contract is modified to show that, Buyer acknowledges receipt of Sellers Phase I Environmental Report, which Buyer has tendered to Buyer's lender. However, because the date of the report is February 8~, ].999, the 30 business days disapproval conditions of Paragraph 9 shall still remain in effect. 6. Paragraph 12 of the contract is modified so that only the first sentence remains. The remainder of the paragraph is deleted. 7. In Paragraph J.4 of the contract, the second sentence is deleted and its place is inserted the following provision, "If Seller defaults, the earnest money shall be refunded to Suyer as Buyer's sole remedy." S. Paragraph 16 (a) of the contract is deleted, and the following sentence is inserted, "Prior to closing if the irnprovexnents an the real estate are destroyed or dazx~aged in excess of the sum of $50,000.00 in cost to repair; then, the Buyer, at their option, may declare this contract null and void, or the Buyer may elect to take an assignment of the Seller's insurance proceeds and close upon the property. 9. The closing. of the contract and Buyer's performance is subject to the Village of Plainfield granting the necessary zoning to permit the Buyer to move Buyer's retail sports apparel business and indoor batting cage business into the building. Further, the parties recognize that the Buyer plans on remodeling the building to create as many as four rental units on the premises and the praperty needs to be re-zoned to permit such usage. The parties have agreed that the Village of Plainfield will be the applicant on the zoning petition and the Buyer will furnish all necessary documents as required by the Village, and all fees and expenses for the petition will be paid by the Buyer. Further, if the Village refuses to zone the property as requested by Buyer, or refuses to issue the necessary permits to permit Buyer to remodel the premises as contemplated by Buyer; then, Buyer may cancel this contract and receive a refund of Buyer's earnest money. 10. THIS CONTRACT IS CONTINGENT UPON A SIGNED RESOLI7TION FROM THE BOARD OF THE VILLAGE OF PLAINFIELD APPROVING OF THE SALE TO BUYERS. SELLER: Date: ~- 0 __ ~~~~~/ THE VILL GE OF PLAINFIELD Sy Village pi"~SC~.e-~r7~ BUYER: Date: ~ ~~~ ' ~ ~, CHARLES EICI-I ~~ ELIZA ETH EICH ~''~ . t.~~ ~ / ~~~~~ ~~ Piiane 708-448-6~,OD Faz 70$ 448 74$7 www.l"oundersl3ankOrrlirte.coi~ V~lorth + Char,nahan Homer Glen • Joliet • Minooka > Mourai C~reenvvgod o Udk Lawn Pa{os H?ighty . Plainfield a Tinley Park ,Ju1y ~, 200 Charles & Flizebeth t~ieh F7ch's Sporls, lnc. 16:7 t3~n~'fe Circle R©meoville, IL. 604~t~i lie: Cornrraidrxaettt to Lend $8~Q,000 for the pwr~ha~e arld t'ehab afi $33-~35 Vilest ~d3rd St., ire Ptainfield, Iliinuls Dear ivir. & Mrs. Elch: We are pleased to issue our Commitment to Lend $990,Qg0.00 for the purchase and rehab of the property located at 833-535 W, 143' St., Plainfield, 1L. The t9rms and conditions of our commitmen! are as follows: BORROWER: Charles & Elizabeth Eieh GUARANTQR: Eich'S Sports, lrar._ AMQUNT: $990,OQ0.Oo INTEREST RATE.- G,25% fixtrd Far 6 months. QRlG1NATION FEIN: ~.Oq"/p ($9,900.00), plus all o~rt ofpochet expenses REPAYMENT: 5 rrrontf~ly paymenfs of interest beginning 30 days after the contract data and a final 6alloorl payment of afl rerrlaining principal and accrued inic:rest due ~ morrfhs after (he contract cf~-~te. Payn~enfs received rrrare than tPn (10) days offer due rate will be subjPrt tc; a late charge aqual to five percent (5%) of the amount dr~e. RREPAYMENT PENALTY: N/A MATURITY: b months follawirtg th® confrart date IiVSURArVCE: We are to be furnished with Hazard/builders Rise insurance cr~veragB !n an amount riot lass than $990,000 with a company acceptable to Founders Sank and with the mortgagee's clause as follows: Founders ~3ank, its 5uccassors and/nr Assigns P.O. 13ox 70668 Dallas, TX 7537q EXN1BiT #1 ~,ti:~ ~~ G825 rr'Vest 111.t}t 5 tr~~t ~ ~,c._ ~~~,, tlvOrth, ii_ 6D43Z C«] CGNCiT~QI~S: 1. first Nlt~rtgag~: end Assignment of Rents in Sar,k's (~sUal.larm to be recorded against thA subject real property. The ilriortgage shall provide that ail principal and interest Shall be imme~lia#ely due and paya[~[e upon transfer of title tc~ the real estate. 2. Borrower shall pledge additional coNateral acceptable to Bank, consisting of Dash and mutual funds of no less than $140,050.0 Said cambinatic~n shall create a laar7 value of $'11 Q,D00.00 based an the formula of: 100% of cash collatera9 + 50"/° of mutual funds. 3. General Real Estate Taxes a~'e to he laid prir~r iv loan dlsiJUrsemenf (sxce~t fhUs® fax hills which have riot been Issued). 4, Any Special Assessments are to be paid prior to disbursement of the loan. 5. Current title search evidencing, that the subject rnor#gage will be a first position mortgage. fi. The Bank will order an appraisal on the property by a Siata licensed appraiser acceptable to the Bank. Said valuation muse produce an "as completed" value of at least $1,900,0(70. The cost of the appraisal shall be Marne by the Harrower and/or Guarantor. 7. Ail documentation to tae in form and substance acceptable to Bank and Title Company, and you will furnish gas with such other and fitarthar documentation as may be required by Bank or the Title Company. 8. Current plat of survey of the property acceptable to Bank and Title Gampany. 9. If the property being financed is within a flood zone, flood insurance will be required at the expense of the Borrower and/Or Guarantor: 10, Bank shall receive a copy of a commitment to lend up to $440,000 from the United States SmaN Busir7ess Administration under its Sf1A program- Said Cammitmdnt shall be satisfactory lv the Bank In its sole discretion. 11. Hank shall receive a Contractors Statement indicating the type and cast ref tt~s remodeling work to he completed- Said Contractors Statement shall indicate the cast to complete the remodeling and shalt be equal to ar less then $150,OOO.UO. 12, Bank shall receive an approval Pram the Village of Plainfield that the intended use of the property at 833-835 vilest 143' shall be consistent with applicable zoniE~g. Said use shall include the ability to operate a retail sports store with batting togas, manufacture garments, and provide other retail services. ~ ~~ J G8Z5'Ne~t 11 t tl1 Glre~i (y1 .Ya., , P /.I ,+~ _ ~ 3...~ ., ,nr...al, ~1 rn4a7 OTH1=R CONDfT1{~NS: ta) (b) (o) Current Personal ~inar7cial Statement end Federal income Tax Returns to be provid®d annually by 8mrrowers_ Current Business Financial Skaterr~ent and I~Pderal Income Tax Returns to be provided annually by Guarantors. Satisfactory review ®>• Phase 1 Environmental reports to be provided. (d) 1"his commitment is good until November 1, 20(J4. In the bvent the Even has not been disbursed on or before this bete, this. commitment becomes Wulf and void. (e) V~Je reserve the right to terminate this cc~rrrmiirrient at any tlme prior to loan disbursement in the event of our receipt o[ any adverse credit information, or change in the pars©nal or financial status of the Borrower, or if the Premises are damaged or destroyed by fire or other casualty. The out-of poc4cet costs associated with this transaction may include title insurance charges, appraisal fees, documentation and recording fees and any other fees and costs incurred in the proposed transac#ion and shall be barns by the Harrower andlor Guarantor. This commitment must be signed and return to Bank by Burrower and Guarantors on ar before J~Iy i2, 2aD4 or this c^mmitment shat) tae deemed null and void. Any part o[ this commitment which is not included in fhe Note, Ivtortgac~e ar other formal loan documents shall oat expire, t7ut shell survive the loan disbursement end will remain in full force and effect until the loan is repaid ir7 full. Sincerely, `.~ ..~'..r` s• ` ff >l~tark Fecht Vice President The foregoing commitment letter is hereby agreed to and accepted by: ChQrles Eictt Eicf1's Sports. Inc. ors Guarantor Authorized signer Elizabeth Eich bb929~ ~ ~ of : wn~i.~ ~~n ::~c~ ~~~~-~a--~n r DAVIn L. RuTTLR THBOnoRE J. JARZ DOUGLAS J. McKecWN JAMES B. I3ARVRY KENNETH A. GREY MICHAEL R. J.ur,R CHRISPOPHER N. WISE JOHN C. RoTH NICHOLAS B. SAxELLARIOU ARTHUR J. WILHBLMI THOMAS M. CARNxY CHRISTOPHER S. WARD JEAN A. KENOL RwcHAEL GOUI.D SALAMA TIFFANY R. GGRMAN VIA HAND DELIVERY Mr. Terry Burghard Village of Plainfield 24000 W. Lockport Street 2°a Floor Plainfield, Illinois 60544 Lnw OJ~zc$s MCKEOWN~ FITZGERALD~ ZOLLNER~ $UCK~ AUTCHISON FiL RUTTLE Sangmeister Building 2455 Glenwood Avenue 28 Kansas Street Joliet, Illinois 60435-5493 Pratlkfort, Illinois 60423-1477 Telephone (815) 469-2176 'l~lephone (815) 729800 Fax (815) 469-0295 Fax (815) 729-4711 OF COUNSEL ESt. 1900 GEDRGE E. SwNGM6iSTER MAX B. ZOLLNER RETIRED JOSEPH C. FrrzGERALD CHARLES 7. McKEOWN (1908-1985) July 23, 2004 PAUL O. McKEOwN (1913-1982) RICHARD T. Bucx (1936-1992) DOUGLAS P. 1••lU1CHISON (1939-1998) STEWARr C. I-ITJTCHISON (1912-20(72) ~..~ .. ~ ~. ~,_ .~.. ._.., ` C ~ i` _.~.,..._41 ...... ~. RE: 833-835 W. 1431a Street, Plainfield --sale to Eichs Dear Terry: Enclosed please find two (2) original Riders regarding the above referenced sale. The Riders and Contract need to be executed. I have discussed this matter with Jim Harvey, who has a draft resolution prepared. The Eichs will hire an architect and engineer once the Contract and Riders are executed and forwarded to Mr. Martin, who will then forward the concept plan to the Village staff. Please call with any questions regarding this matter. Very truly yours, ....,.....~ ~.-.--w-- ARTHUR J. ILHELMI Enclosures ce: Jirn Harvey Mike Martin