1976-050 ORDINANCE NO.
AN ORDINANCE PROVIDING FOR AN AGREEMENT
FOR THE PURCHASE 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 dee e advisable and
necessary for the best interests of the resid nt f the Village
of Buffalo Grove, Cook and Lake Counties, Illi o s to purchase
certain real estate in order to provid ecre t on facilities for
the residents of said Village, such pr e o be acquired being
known as the Buffalo Grove Golf Course, n isting of approximately
127.7513 acres of land and all golf co s facilities constructed
thereon; and
WHEREAS, the Village di nter into an Agreement for
Deed dated September 3, 1974 wi h American National Bank and Trust
Company o Chicago, a nat , nal anking association, as Trustee
under Trust Ag eement date D ember 16, 1965, and known as Trust
No. 2598, whic said e ment did provide for the payment of the
pur hase p ce in annual nstallments, such payments to be made
fro reven s erive f om the operation of the golf course and
with title to b conve d to the Village at such time as all pay-
ments h d been m e pur uant to the Agreement; and
WHEREAS, payments have been mado pursuant to the Agree-
e ha e.n
ment and the Village now wishes to the rate of payment
if is fhe-reb I he�ec ire o�
for such purchase andnto 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-
sideration for such purchase to be paid in annual 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 annual installments when same be o e e and payable; and
WHEREAS, the principal sum of U,0 7,( 00 remains unpaid
under the Agreement for Deed dated Septem 1974, and the
Village and the owners have agree uc rice to be made pay-
able in fifteen (15) annual install s hereinafter set forth;
and
WHEREAS, pursuant ,,to t ovisions of said Division
76.1 of Article 11 of the Ill of unicipal Code, as amended, it
is necessary that the Presid-nt d Board of Trustees of this Vil-
lage adopt o dinance pr idi g for the purchase of said real
estate an to pr vide for th levy and collection of a direct annual
tax suff cient o pay t11 annual installments provided for by such
Agreeme t a d whe sue installments become due and payable:
NOW, H EFOR Be It Ordained by the President and Board
of Trustees of t e' Villa e of Buffalo Grove, Cook and Lake Counties,
Illinois as folo s:
i
ectio _ 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 $1,829,200, which price
Thirty semi-annual installments on May 1 and November 1 of each of the years
as follows:
Year May 1 11bvember 1 Total
1977 18,000 18,000 36,000
1978 2?,000 27,000 54,0o0
1979 27,000 27,000 54,000
1980 27,000 27,000 54,000
1981 27,000 27,000 54,000
1982 40,000 40,000 80,000
1983 4o,000 4o,000 80,000
1984 4o,000 4o,000 8o,000
1985 4o,000 4o,000 80,000
1986 4o,000 4o,000 80,000
1987 44,000 44,000 88,000
1988 44,000 44,000 88,000
1989 44,0o0 44,000 88,000
1990 44,0o0 44,000 88,000
1991 46,500 46,500 93,000
m
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 as
follows:
11__
PCr' 'V 2 ,000 as an initial payment o exe tion
o the agreement, and fifteen in-
c sta ments on December 1 of eac f the
a years as follows:
Yea mo nt
1977 $ 3000
1978 0,000
1979 5,000
1980 5,000
1981 45,000
1982 65,000
1983 65,000
1984 65,000
1985 65 ,000
1986 65,000
1987 1 ,000
198 110, 00
19 110,0
90 110,000
991 110,000
Section 2 . For the p pose of providing the funds neces-
sary to pay the fifteen annual i lments due under the agreement
in the years 1977 991, clus ve, as herein provided for,
promptly when a d as t e sam a due, there be and there is here-
by levied upon all the taxable roperty within said Village a direct
annual tax su ficie for th urpose, and that there be and there
is hereby lev ed on al of the axable property in said Village,
in addition to all oth axes, the following direct annual tax,
to-wit:
For the Year A Tax Sufficient To Produce the Sum Of
1976 $ 99,362.00 for principal and interest
1977 $127,325.00 for principal and interest
1978 $123,545.00 for principal and interest
1979 $119,765.00 for principal and interest
1980 $115,985.00 for principal and interest
1981 $137,750.00 for principal and interest
1982 $132,150.00 for principal and interest
1983 $126,550.00 for principal and interest
1984 $120,950.00 for principal and interest
1985 $115,350.00 for principal and interest
1986 $117,610.00 for principal and interest
1987 $111 ,450.00 for principal and interest
1988 $105,290.00 for principal and interest
1989 $ 99, 130.00 for principal and interest
1990 $ 97,883.00 for principal and interest
For the r A Tax Sufficient To Produce Sum Of
1976 $1163650 . 00 for princi and interest
1977 $113,850 .00 for pri ipal and interest
1978 $116,050 .00 for incipal and interest
1979 $112,900 .00 f rincipal and interest
1980 $109,750 .0 f r p ncipal and interest
1981 6,60 . 0 or pr cipal d interest
1982 $12 0 . 00 r pri cipal nd interest
1983 $ ,5 00 f r prin ipa and interest
1984 112,950 .0 o print ' 1 and interest
1985 $113,400 .00 f pal and interest
1986 $148,500.00 for p pal and interest
1987 $140.800 .90 for p i c 1 and interest
1988 $133,100 . 0 fo pr ipal interest
1989 $125, 40 . 0 f r' cipal and erest
1990 $117,70 .00 o r ncipal and inter t
If at any time there are in ff ent funds on hand to
pay in full any annual installment due n er said agreement, said
installment shall be paid promptly hen ue from current funds on
hand in advancement of the collecti of said taxes herein levied, ,
and when said taxes shall hie been o lected reimbursement shall
be made to said funds in the amo is thus advanced.
Section 3 . From and fte the effective date of this
ordinance, he Pre dent and Cl r of the Village of Buffalo Grove
shall be d they h reby ar ut orized and directed to execute
said agre ment here n provided for and to do all things necessary
and essen ial, i uding e ecu�ion of any documents and certif-
icates nee scary to ca r.y ut e provisions of said agreement .
Sec ion 4 . Thi o dinance shall be published at least
twice within thi y (30) da after its passage in 4kp & - a 10
a secular newspaper having a
general circulation in the Village of Buffalo Grove, Illinois,
there being no newspaper published in said Village, and if no peti-
tion signed by electors equal in number to five per cent (5%) or
,,,nro of i-hc i-ni-nl niimhar of 17'n1-PR nn-, - nt the last nrP(,Pdinv revular
municipal election is filed with the corporat au orities of said
Village within sixty (60) days after the sec nd pub l ca ion of this
ordinance, then this ordinance shall be in fu f c and effect,
as provided by Section 11-76 .1-3 of the inois u icipal Code, as
amended.
Section 5 . On or before Decembe , 1976, a copy hereof,
certified by the Clerk of said Village, whi h certificate shall
recite that this ordinance has been pas d y the President and
Board of Trustees of said Village, and proved by the President,
together with a certified copy-kqf the gr ment as entered into
between the Village and the Seller, sha 1 be filed with the County
Clerk of Cook County and with the Cou Clerk of Lake County,
Illinois, which said officials 1 1 and for each of the years
1976 to 1990, both years includ d, asc rtain the rate per cent
required to produce the aggregat hereinbefore provided to be
levied in each of sa d years, res ectively, and extend the same
for coll ction on the tax oo ag inst all of the taxable prop-
erty si uated within said Vi a e and within said respective
countie , in connec ion with oth r taxes levied in each of said
years, espective y, s id Village for general corporate
purpose of s Village, nd i e ch of said years such annual
tax shal be levied and coil ct d by said Village in like manner
as taxes or general corporate purposes for each of said years are
levied and ollected, and when collected such taxes shall be used
solely for th purpose of pay ng the annual installments due under
the agreement her auth zed 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
n "
Section 7 . Said agreement shall be in substantially the
following form:
a
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4, x.
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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 Decem 1c 6,
by and between the American National Bank and Trust Com y of
Chicago, not individually, but as Trustee unde " ru t 22598
dated December 16, 1965 (hereinafter called "S lle ") , and the
Village of Buffalo Grove, a municipal corporatio the State of
Illinois (hereinafter called "Buyer") ;
W I T N E S S E T H:
WHEREAS, the President and Board of' T ustees of the Vil-
lage of Buffalo Grove, Cook and Lake Counties Illinois, has
determined that it is essential and in the lie interest, and
necessary for the public safety, that rta: n real estate and per-
sonal property hereinafter described, b a wired by said Village ;
and
WHEREA(as-_a`m`e
, Division 6 .1 of cle 11 of the Illinois
Municipal Code, nn__ eAuthorizes t e Village to purchase real
estate and persoal proper for public p oses pursuant to con-
tracts which pro-�;de for the consideration for such purchase to be
paid in annual installments during a 'period not exceeding twenty
(20) years, and to pt�qvide for the lev and collection of a direct
annual tax sufficient t\O,.., say the annu l installments when same be-
come due and payable; and
WHEREAS, the Seller has agreed to sell the real estate
and personal property hereinafter described on an installment basis
L n
NOW, THEREFORE, in consideration of the utu covenants
and agreements hereinafter contained, and other val able considera-
tions, it is mutually agreed between the Seller and t B yer as
follows:
1. Seller agrees to sell and Buyer a re s purchase
on the terms and conditions hereinafter set forth e real estate
known as the Buffalo Grove Golf Course, consistin f approximately
127.7513 acres of land and all golf course facili ies constructed
thereon, and including the club house and eq ent and furnishings
therein contained, and all maintenance equi me t used in the main-
tenance and operation of said golf course, i cluding all hand golf
SuC(Is ►men l �S'�L
��. �- hivrr& r` ' S f- -for7h r1
carts, all/( irr ° 9xhibit A a rid
attached hereto and made a part by refere ce, said Peal estftt_e�
2 . Seller agrees to sell said real estate and personal
property to Buyer and Buyer agrees to purchase said real estate
Thirty semi-annual installments on May 1 and November 1 of each of the years
as follows :
Principal
Year Amount Interest Total
1977 36,000 63,362.00 99,362.00
1978 54,000 73,325.00 127,325.00
1979 54,000 69,545.00 123,545.00
1980 54,000 65,765.00 119,765.00
1981 54,000 61 ,985.00 115,985.00
1982 80,000 57,750.00 137,750.00
1983 80,000 52, 150.00 132, 150.00
1934 80,000 46,550.00 126,550.00
1985 80,000 4o,950.00 120,950.00
1986 8o,000 35,350.00 115,350.00
1987 83,000 29,610.00 117,610.00
1988 88,000 23,450.00 111 ,450.00
1989 88,000 17,290.00 105,290.00
1990 88,000 11 ,130.00 99,130.00
1991 93,000 4,883.00 97,883.00
1 ,097,000 653,095.00 1 ,750,095.00
a.
$1,097,000, together with interest at the rate o seven per cent
(7%) per annum on that portion of the principal m unt remaining
unpaid from time to time, said purchase price to eayable in
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the following manner:
$2,000 on,, execution of the agree en m , a e b nce to
be payable ` i.�i fifteen (15) annual inst 1_ me s e
December 1 o ,,,, ach of the years 1977 t 1. 9' i,AWsive,
as follows:
PrinciiYl
Year Amount''',,, Interest Total
1977 $ 40.9000 " � $ 76,,.6' 0 $ 116,650
1978 4o,000 '3` 850 113,850
1979 45,000 ' ;�.'`711050 116,050
1980 4 5,0 0 0 ���_�,°�` 6 7,9 0�� 112,900 "
1981 45,000 64,7 109,750
1982 65,0001,6 126,600
1983 65 ,000,�.d�,e`�� 5`TN, 0' 0 12 2,0 5 0
1984 65.100'6 5 51
0 117,500
1985 65,
, °goo 4 95, 112,950
1986 ?"`0",000 43 00 `� 113,400
1987 7'l0,000 3815 148,500
1988 llo,00030,80 " . 14o, 800
1989 1101000 23,10 133,100
1990 110,000 15,400 125, 400
0 _ 117,700
1 1101000 7 70
199 ,
e' $1 0 ,000 $7 200 $11 827, `0.0
4
Beginning on ecember '8 , Buyer shall have the right
on the ' irst day of any month to pre ay the purchase price, without
penalty or premium, by ing the l nce of the principal amount
then re ining unpa Y'on the\date of t h prepayment plus the inter-
est accru d thereon to the date \of sureh p .,epayment; provided, further,
that the Buyer shall have the ri ht on the first day of any month to
4,
prepay any on� .,,or more installments of the principal amount of the
purchase price, without penalty r premium, by paying said install-
.....,......
............... __
ment 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 the Seller if option to make such
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 stam s affixed, subject
only to the following:
(a) General taxes for the year and bse uent
years and all taxes, special assessmen a d
special taxes levied after the date her
(b) All installments of special assessments eto-
fore levied falling due after date hereo ;
(c) The rights of all persons clai in b t rough,
or under Buyer;
(d) Building, building line and use c upancy
restrictions, and building and zo laws and
ordinances;
(e) Unrecorded easements and rights gr ted by Seller
to the owners of the real estate signated as
Parcels A, B and C, as shown on' P at , which is
attached hereto as Exhibit "B d made a part
hereof, to enlarge so-called kes (retention
ponds) A, B and C and install ke (retention
pond) D on the Subject Premis s and to install
connecting storm sewers there o, all as indicated
on said Plat to serve said Pa cels A, B and C.
The work on the enlargement said Lakes A, B
and C the installation o Lake D and connect-
in storm ewers shall pe formed between Octo-
b r 15 and pril 15 du ng o f-season periods
en the golf course is not n use for playing
urposes . I is specifi y understood that all
f the fore oing work sh 11 be at the sole cost
nd expense of th wner of said Parcels A, B
nd C and all b s bje t to the approval of the
illage o Buffalo r ve as to design and con-
s ructi ding furnishing of requisite
b nds there as u red under Village ordinances.
Up n the comp l ion o inal drawings and specifi-
ca ons for such ork a final grant of easement
bas d on exact mea urem nts is to be prepared at
the pense of the wners of Parcels A, B and C
and r corded in the office of the appropriate
County ecorder of D eds .
(f) Roads, hi ays, st eets and alleys, if any;
(g) 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,
...I-_t -L _ .. ...L L -L-A TT__L_-L_L 11-11 -__I
M
(h) 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 d indebted-
ness, under Trust Deed dated Novemb r 1968,
and recorded November 27, 1968, in ke ounty,
Illinois, as Document 1402737 and re ord in
Cook County, Illinois, on November 27 19 8, as
Document 20688828, made by American Na i al Bank
as Trustee, under Trust Agreement dated cember
1, 1965 and known as Trust No. 22598 to N onal
Boulevard Bank of Chicago, a national b in
association, to secure a note for Four dred
Thousand Dollars ($4005,000 .00 . T .e p sent
principal amount of said note is p o imately
Do la s ($ )
and is subject to prepayment at n ime . Seller
agrees that upon the execution o is Agreement,
the delivery of the deed and the s ignment of this
Agreement as hereinafter provided, 't wil,l pay or
cause the principal and interest ayments that
become due under said note paid.
4 . As evidence of Seller' le to the real estate de-
scribed hereinabove in Section 1 Sel er shall, at Seller 's expense,
furnish and r to Buyer, i hirty (30) days after the ex-
ecution o this Agre ment, a o er' title insurance policy or the
customa preliminar repo on e of the Chicago Title and Trust
Company in the amou t of t e u chase price, covering the date of
this Ag ement, and sh ing tit e in Seller to said real estate,
subject ly to t atte to h h this sale is subject by the
terms here and to the usu 1 jections or exceptions contained in
such title in rance policies or preliminary reports on title; pro-
vided, however, t t if such reliminary report on title is furnished,
Seller shall furnish such owner' s title insurance policy upon de-
livery of deed. Every title insurance policy or report on title
furnished by Seller pursuant to this Section 4 shall be conclusive
evidence of good title as therein shown, subject only to the excep-
tions therein stated.
If the report on title or title insurance policy required
to be furnished by Seller hereunder discloses efects in title
(other than such usual exceptions contained n owner title insur-
ance policies and the matters to which this ale is s bject by the
terms hereof) , Seller shall have thirty (30) ys fr e date of
delivery of said title insurance policy or report o itle to Buyer
to furnish such title insurance policy r ate ti le report showing
such defects cured or removed. If such defects n title cannot be
cured within said thirty (30) days, Buye may erminate this Agree-
ment or may, at its election, take title as it then is upon giving
to Seller notice of such election. In defa of such notice of
election within fifteen (15) days after ce to Buyer of the in-
Y
ability of Seller to cure such defects his Agreement shall there-
upon, without further action by either pa ty, become inoperative
and null and void.
5. Buyer agrees, upo he execution of this Agreement
prior to the delivery of title y Se er, and on or before December
31, 1976, that it will file a ti ed copy of the ordinance pro-
viding for t levy of a d ct nnual tax sufficient to pay the
aforesaid i stallme is as t ey b come due with the County Clerk of
Cook County and wit the County Clerk of Lake County, Illinois, all
in accordanc wit he rovisio and requirements of Division 76 .1
of Article 11 o the Illin s M nic pal Code, as amended.
6 . I is understoo and agreed by and between the parties
hereto that the pa ents requi ed under the terms of this Agreement
shall be a general obl tion 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 Agreement,
representing the purchase price then remaini paid and the in-
terest then or thereafter payable, as herein rovi ed. Written
notice of any such assignment shall be given b Sel er to Buyer
in the same manner as provided in Section 8 hereo - or giving of
notices . Buyer may rely and shall be �tected i cting upon
any instrument of assignment or notice then o lieved by it to
be genuine, and shall have no duty to isquir into the authority
for or the validity or effectiveness of a uch assignment .'
8 . All notices and demands requ _ ed hereunder shall be
in writing and shall be deemed to hav een given or made when de-
livered personally or when mailed by re:. - stered or certified mail,
postage prepaid, addressed as fo ,lows
If to Seller, at o Lo,. Oa
CO
If to yer, at S o R W.
N WITN . , ller has executed this Agreement,
and Buyer as caused this gree en' to be executed by its President
and atteste ' by its Village le k and the official seal of the Vil-
lage to be he eunto affixed, 11 as of the day and year first above
written.
SELLER: p
4h
BUYER:
VILLAGE 0, FALO GROVE, ILLINOIS,
a municipa orporation,
[SEAL] By
President
Attest:
Village Clerk
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