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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 1 { 4, x. i m 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 w 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 w w,