1976-056 ORDINANCE NO. SO"'
AN ORDINANCE PROVIDING FOR AN AGREEMENT
70R T CHASE OF THE BUFFALO GROVE
GOLF COURSE BY INSTALLMENT CONTRACT BY
\ THE VILLAGE OF BUFFALO GROVE, COOK AND
LAKE COUNTIES , ILLINOIS .
WHEREAS, it has heretofore been deemed advisable and
necessary for the best interests of the residents of the Village
of Buffalo Grove, Cook and Lake Counties , Illinois , to purchase
certain real estate in order to provide recreation facilities for
the residents of said Village, such property to be acquired being
known as the Buffalo Grove Golf Course, consisting of approximately
127. 7513 acres of land and all golf course facilities constructed
thereon; and
WHEREAS , the Village did enter into an Agreement for
Deed dated September 3, 1974 with American National Bank and Trust
Company of Chicago, a national banking association, as Trustee
under Trust Agreement dated December 16 , 1965 , and known as Trust
No. 22598 , which said Agreement did provide for the payment of the
purchase price in annual installments , such payments to be made
from revenues derived from the operation of the golf course and
with title to be conveyed to the Village at such tmme as all pay-
ments had been made pursuant to the Agreement ; and
WHEREAS , payments have been made pursuant to the Agree-
ment and the Village now wishes to change the schedule of payments
for such purchase and it is thereby required to provide for the
levy and collection of a direct annual tax for the payment of the
purchase price; and
WHEREAS, pursuant to the provisions of Division 76. 1 of
Article 11 of the Illinois Municipal Code, as amended, the Village
is authorized to purchase real estate and personal property for
public purposes pursuant to contracts which provide for the con-
pay the installments when same become due and payable; and
WHEREAS , the principal sum of $1, 097 ,000 remains unpaid
under the Agreement for Deed dated September 3 , 1974, and the
Village and the owners have agreed for such price to be made pay-
able in thirty (30) semi-annual installments as hereinafter set
forth; and
WHEREAS , pursuant to the provisions of said Division 76. 1
of Article 11 of the Illinois Municipal Code, as amended, it
is necessary that the President and Board of Trustees of this
Village adopt an ordinance providing for the purchase of said real
estate and to provide for the levy and collection of a direct annual
tax sufficient to pay the installments provided for by such
Agreement as and when such installments become due and payable:
NOW, THEREFORE, Be It Ordained by the President and Board
of Trustees of the Village of Buffalo Grove, Cook and Lake Counties ,
Illinois , as follows :
Section 1. It is hereby determined that it is essential
and in the public interest that certain real estate be purchased
in order to provide recreation facilities for the residents of said
Village, all as hereinabove described in the preambles of this
ordinance, and that for the purpose of paying the purchase price
thereof the Village enter into an agreement providing for the pur-
chase of said real estate at a total cost of $1 , 750,095, which
price includes interest at the rate of seven per cent (7%) per
annum on that portion of the principal amount of $1,097 ,000
remaining unpaid from time to time , and which said purchase
price is to be paid in semi-annual installments as follows :
YEAR AMOUNT DUE
May 1 November 1
1978 27 , 000 27 , 000
1979 27,000 27 , 000
1980 27 ,000 27 , 000
1981 27 , 000 27 , 000
1982 40, 000 40, 000
'1nnn /.A AAA
Section 2. For the purpose of providing the funds neces-
sary to pay the thirty semi-annual installments due under the
agreement in the years 1977 to 1991, inclusive, as herein provided
for, promptly when and as the same fall due, there be and there
is hereby levied upon all the taxable property within said Village
a direct annual tax sufficient for that purpose, and that there be
and there is hereby levied on all of the taxable property in said
Village, in addition to all other taxes , the following direct
annual tax, to-wit :
For the Year A Tax Sufficient to Produce the Sum Of
1976 $ 99, 362 for principal and interest
1977 $127 , 325 for principal and interest
1978 $123 ,545 for principal and interest
1979 $119 , 765 for principal and interest
1980 $115, 985 for principal and interest
1981 $137 , 750 for principal and interest
1982 $132, 150 for principal and interest
1983 $126,550 for principal and interest
1984 $120, 950 for principal and interest
1985 $115 , 350 for principal and interest
1986 $117 ,610 for principal and interest
1987 $111,450 for principal and interest
1988 $105 ,290 for principal and interest
1989 $ 99 , 130 for principal and interest
1990 $ 97 ,883 for principal and interest
If at any time there are insufficient funds on hand to
pay in full any installment due under said agreement, said
installment shall be paid promptly when due from current funds on
hand in advancement of the collection of said taxes herein levied,
and when said taxes shall have been collected reimbursement shall
be made to said funds in the amounts thus advanced.
Section 3. From and after the effective date of this
ordinance, the President and Clerk of the Village of Buffalo Grove
shall be and they hereby are authorized and directed to execute
said agreement herein provided for and to do all things necessary
and essential , including the execution of any documents and certi-
ficates necessary to carry out the provisions of said agreement.
Section 4. This ordinance shall be published at least
t wi ra W1 t'}19n tm Yf"[7 «n) Anva !3f t-cr 4t0 1-1-n0 nn r it R11-FfnI ^ (_r^tT-
puoiisnea in saia viiiage, ana mL no petition sxgnea Dy electors
equal in number to five per cent (5%) or more of the total number
of votes cast at the last preceding regular municipal election
is filed with the corporate authorities of said Village within
sixty (60) days after the second publication of this ordinance,
then this ordinance shall be in full force and effect, as provided
by Section 11-76. 1-3 of the Illinois Municipal Code, as amended.
Section 5 . On or before December 31, 1976, a copy hereof,
certified by the Clerk of said Village, which certificate shall
recite that this ordinance has been passed by the President and
Board of Trustees of said Village, and approved by the President,
together with a certified copy of the agreement as entered into
between the Village and the Seller, shall be filed with the County
Clerk of Cook County and with the County Clerk of Lake County,
Illinois , which said officials shall in and for each of the years
1976 to 1990, both years included, ascertain the rate per cent
required to produce the aggregate tax hereinbefore provided to be
levied in each of said years , respectively, and extend the same
for collection on the tax books against all of the taxable prop-
erty situated within said Village, and within said respective
counties , in connection with other taxes levied in each of said
years , respectively, in and by said Village for general corporate
purposes of said Village, and in each of said years such annual
tax shall be levied and collected by said Village in like manner
as taxes for general corporate purposes for each of said years are
levied and collected, and when collected such taxes shall be used
solely for the purpose of paying the installments due under
the agreement herein authorized when same become due and payable.
Section 6. The funds derived from such levy shall be
and the same hereby are appropriated and set aside for the sole and
only purpose of paying the installments due under the agreement
herein authorized.
Section 7. Said agreement shall be in substantially the
following form:
AGREEMENT FOR THE PURCHASE OF THE
BUFFALO GROVE GOLF COURSE BY THE
VILLAGE OF BUFFALO GROVE, COOK AND
LAKE COUNTIES , ILLINOIS
THIS AGREEMENT, made this first day of December, 1976 ,
by and between the American National Bank and Trust Company of
Chicago, not individually, but as Trustee under Trust No. 22598
dated December 16, 1965 (hereinafter called "Seller") , and the
Village of Buffalo Grove, a municipal corporation of the State of
Illinois (hereinafter called "Buyer") ;
W I T N E S S E T H:
WHEREAS, the President and Board of Trustees of the
Village of Buffalo Grove, Cook and Lake Counties , Illinois , has
determined that it is essential and in the public interest, and
necessary for the public safety, that certain real estate and per-
sonal property hereinafter described, be acquired by said Village;
and
WHEREAS , Division 76. 1 of Article 11 of the Illinois
Municipal Code, as amended, authorizes the Village to purchase real
estate and personal property for public purposes pursuant to con-
tracts which provide for the consideration for such purchase to be
paid in installments during a period not exceeding twenty (20)
years , and to provide for the levy and collection of a direct
annual tax sufficient to pay the installments when same become
due and payable; and
WHEREAS, the Seller has agreed to sell the real estate
and personal property hereinafter described on an installment basis
as hereinafter provided:
NOW, THEREFORE, in consideration of the mutual covenants
and agreements hereinafter contained, and other valuable considera-
tions , it is mutually agreed between the Seller and the Buyer as
follows :
known as the Buffalo Grove Golf Course, consisting of approxi-
mately 127 . 7513 acres of land and all golf course facilities
constructed thereon, and including the club house and equipment
and furnishings therein contained, and all maintenance equipment
used in the maintenance and operation of said golf course,
including all hand golf carts , all such real estate and inventory
is set forth in Exhibit A attached hereto and made a part by
reference:
2 . Seller agrees to sell said real estate and personal
property to Buyer and Buyer agrees to purchase said real estate
and personal property from Seller for the principal sum of
$1, 097, 000, together with interest at the rate of seven per cent
(7%) per annum on that portion of the principal amount remaining
unpaid from time to time, said purchase price to be payable in
the following manner:
Due May 1 Due November 1
Year Interest Principal Interest Principal TOTAL
1977 25, 597 18 ,000 37 , 765 18, 000 99, 362
1978 37 , 135 27 , 000 36,190 27 ,000 127, 325
1979 35, 245 27 , 000 34,300 27 ,000 123,545
1980 33, 355 27 , 000 32 ,410 27 , 000 119, 765
1981 31,465 27 , 000 30,520 27 , 000 115 , 985
1982 29, 575 40, 000 28, 175 40, 000 137 , 750
1983 26, 775 40, 000 25 ,375 40, 000 132 ,150
1 QRLL 7*I Q71; An nnn 77 r,-7C AA nnn 7 nc rrn
Beginning on December 1, 1986, Buyer shall have the right
on the first day of any month to prepay the purchase price, without
penalty or premium, by paying the balance of the principal amount
then remaining unpaid on the date of such prepayment plus the
interest accrued thereon to the date of such prepayment; provided,
further, that the Buyer shall have the right on the first day of
any month to prepay any one or more installments of the principal
amount of the purchase price, without penalty or premium, by paying
said installment or installments plus the interest accrued to said
prepayment date on the principal amount then unpaid. Fifteen (15)
days written notice must be given by Buyer to Seller if° option
to make such prepayment is to be exercised.
3. Seller agrees to convey to Buyer good title to the
real estate described hereinabove in Section 1 by recordable
trustee' s deed, with required documentary stamps affixed, subject
only to the following :
(a) The rights of all persons claiming by, through,
or under Buyer;
(b) Building, building line and use or occupancy
restrictions , and building and zoning laws and
ordinances ;
(c) Unrecorded easements and rights granted by Seller
to the owners of the real estate designated as
Parcels A, B and C, as shown on Plat , which is
attached hereto as Exhibit "B" and made a part
hereof, to enlarge so-called Lakes (retention
ponds) A, B and C and install Lake (retention
pond) D on the Subject Premises and to install
connecting storm sewers thereto, all as indicated
on said Plat to serve said Parcels A, B and C.
The work on the enlargement of said Lakes A, B
and C and the installation of Lake D and connect-
ing storm sewers shall be performed between October
15 and April 15 during off-season periods when
the golf course is not in use for playing purposes .
It is specifically understood that all of the
foregoing work shall be at the sole cost and
expense of the owners of said Parcels A, B and C
and shall be subject to the approval of the Village
of Buffalo Grove as to design and construction,
including the furnishing of requisite bonds therefor
as required under Village ordinances . Upon the
completion of final drawings and specifications for
such work a final Erant of eaGPmant }%ncari n"
(d) Roads , highways , streets and alleys , if any;
(e) Special title exceptions numbers one (1) through
five (5) contained in Owners Title Insurance
Policy issued by the Chicago Title and Trust Com-
pany on November 27 , 1968, as Policy No . 56-42-565 ,
which is attached hereto as Exhibit "C" and made
a part hereof.
(f) Title exceptions pertaining to liens or encum-
brances of a definite or ascertainable amount
which Buyer will remove by using the funds to
be received upon delivery of the deed and assign-
ment of this Agreement. The Subject Premises
are presently encumbered by a trust deed indebted-
ness , under Trust Deed dated November 7 , 1968,
and recorded November 27 , 1968 , in Lake County,
Illinois , as Document 1402737 and recorded in
Cook County, Illinois, on November 27 , 1968, as
Document 20688828, made by American National Bank
as Trustee, under Trust Agreement dated December
1, 1965 and known as Trust No. 22598 to National
Boulevard Bank of Chicago, a national banking
association, to secure a note for Four Hundred
Thousand Dollars ($400, 000. 00) . The present
principal amount of said note is approximately)
Dollars $
and is su ject to prepayment at any time. Sa ler
agrees that upon the execution of this Agreement,
the delivery of the deed and the assignment of
this Agreement as hereinafter provided, it will
pay or cause the principal and interest payments
that become due under said note to be paid.
4. As evidence of Seller' s title to the real estate
described hereinabove in Section 1 , Seller shall, at Seller' s
expense, furnish and deliver to Buyer, within thirty (30) days
after the execution of this Agreement, an owner ' s title insurance
policy or the customary preliminary report on title of the
Chicago Title and Trust Company, in the amount of the purchase
price, covering the date of this Agreement, and showing title
in Seller to said real estate, subject only to the matters to
which this sale is subject by the terms hereof and to the usual
objections or exceptions contained in such title insurance
policies or preliminary reports on title; provided, however, that
if such preliminary report on title is furnished, Seller shall
furnish such owner' s title insurance policy upon delivery of
deed. Every title insurance policy or report on title furnished
htr Col 1 or rnivreitanf- f'n t-hi c Gcnf-i nn A Rhal 1 hP [ orr-1 mgivP_ evidence
If the report on title or title insurance policy required
to be furnished by Seller hereunder discloses any defects in title
(other than such usual exceptions contained in owner' s title insur-
ance policies and the matters to which this sale is subject by the
terms hereof) , Seller shall have thirty (30) days from the date of
delivery of said title insurance policy or report on title to Buyer
to furnish such title insurance policy or later title report
showing such defects cured or removed. If such defects in title
cannot be cured within said thirty (30) days , Buyer may terminate
this Agreement or may, at its election, take title as it then
is upon giving to Seller notice of such election. In default
of such notice of election within fifteen (15) days after notice
to Buyer of the inability of Seller to cure such defects , this
Agreement shall thereupon, without further action by either party,
become inoperative and null and void.
5. Buyer agrees , upon the execution of this Agreement
prior to the delivery of title by Seller, and on or before
December 31, 1976, that it will file a certified copy of the
ordinance providing for the levy of a direct annual tax sufficient
to pay the aforesaid installments as they become due with the
County Clerk of Cook County and with the County Clerk of Lake
County, Illinois, all in accordance with the provisions and re-
quirements of Division 76. 1 of Article 11 of the Illinois
Municipal Code, as amended.
6. It is understood and agreed by and between the parties
hereto that the payments required under the terms of this Agree-
ment shall be a general obligation of Buyer, and that the total
amount due Seller, together with all other general obligations
of Buyer, are within all statutory and constitutional debt
limitations.
7. Seller shall have the right at any time or from
time to time to assign the rights to payment under this Agree-
Written notice of any such assignment shall be given by Seller
to Buyer in the same manner as provided in Section 8 hereof
for giving of notices . Buyer may rely and shall be protected
in acting upon any instrument of assignment or notice thereof
believed by it to be genuine, and shall have no duty to inquire
into the authority for or the validity or effectiveness of any
such assignment.
8 . All notices and demands required hereunder shall be
in writing and shall be deemed to have been given or made when
delivered personally or when mailed by registered or certified
mail, postage prepaid, addressed as follows :
If to Seller, at c/o Louis Ancel
111 West Washington Boulevard
Chicago, Illinois 60602
If to Buyer, at 50 Raupp Boulevard
Buffalo Grove, Illinois 60090
IN WITNESS WHEREOF, Seller has executed this Agreement,
and Buyer has caused this Agreement to be executed by its President
and attested by its Village Clerk and the official seal of the
Village to be hereunto affixed, all as of the day and year first
above written.
SELLER:
AMERICAN NATIONAL BANK & TRUST CO . ,
Trustee, Trust #22598
Trust Officer
BUYER:
VILLAGE OF BUFFALO GROVE, ILLINOIS,
a municipal corporation,
(SEAL) By
President
Attest:
UT-1 A rip ('1 P Y
Ordinance adopted this 8th day of November, 1976 ,
pursuant to a roll call vote as follows:
AYES: Mahone Rech Boa---'-- Niarierith'al' F'abish
NAYES: 0
ABSENT: Driscoll , Carroll
Approved by me this 8th day of November, 1976 .
lo
Village President
ATTEST:
............
.. .. ... ... _ ,, ...m<
Village Clerk
r