HomeMy WebLinkAboutResolutions - RS-95-7 - 03/29/1995 - Sale of Green Street Parking Lot to McHenry Savings BankRS-95-7
March 20, 1995 11:40 am
MCHENRY\RESOLUTI.MSB
RESOLUTION AUTHORIZING SALE OF
MUNICIPALLY OWNED REAL ESTATE
Recitals
A. The City of McHenry, Illinois holds title to the
following described real estate;
PART OF THE SOUTHWEST QUARTER OF SECTION 26, TOWNSHIP 45
NORTH, RANGE 8 EAST OF THE THIRD PRINCIPAL MERIDIAN, BOUNDED
AND DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHWESTERLY
CORNER OF A TRACT OF LAND CONVEYED IN INSTRUMENT RECORDED MAY
16, 1949 AS DOCUMENT NO. 219133 (INCLUDING EASEMENT); THENCE
NORTHWESTERLY ALONG THE SOUTHWESTERLY LINE OF SAID TRACT
EXTENDED, BEING A LINE PARALLEL WITH THE SOUTHWESTERLY LINE OF
BLOCK 23 IN THE ORIGINAL PLAT OF MCHENRY, ACCORDING TO THE
PLAT THEREOF RECORDED JULY 6, 1840 IN BOOK B OF DEEDS, PAGE
160, A DISTANCE OF 107.25 FEET; THENCE NORTHERLY ALONG A
CURVED LINE CONCAVE TO THE EAST, AND HAVING A RADIUS OF 29
FEET, AN ARC DISTANCE OF 25.56 FEET TO A POINT FOR A POINT OF
BEGINNING; THENCE SOUTHWESTERLY ALONG A LINE FORMING AN ANGLE
OF 74 DEGREES 47 MINUTES 19 SECONDS MEASURED CLOCKWISE FROM
THE CHORD OF THE LAST DESCRIBED CURVED LINE AT THE LAST
DESCRIBED POINT, A DISTANCE OF 144.10 FEET, MORE OR LESS, TO
THE NORTHEASTERLY EDGE OF WATER OF BOONE CREEK; THENCE
NORTHWESTERLY ALONG THE LINE OF SAID CREEK TO A LINE 185.0
FEET SOUTHEASTERLY, AS MEASURED AT RIGHT ANGLES, AND PARALLEL
WITH THE SOUTHEASTERLY LINE OF ILLINOIS ROUTE NO. 120; THENCE
NORTHEASTERLY ALONG SAID PARALLEL LINE, A DISTANCE OF 168.0
FEET, MORE OR LESS, TO A POINT THAT IS 22.00 FEET
SOUTHWESTERLY OF THE INTERSECTION WITH THE SOUTHWESTERLY LINE
OF A TRACT OF LAND CONVEYED IN INSTRUMENT RECORDED DECEMBER
17, 1978 AS DOCUMENT NO. 608859 AND SAID SOUTHWESTERLY LINE
EXTENDED SOUTHEASTERLY; THENCE SOUTHEASTERLY TO THE POINT OF
BEGINNING, IN MCHENRY COUNTY, ILLINOIS.
"Subject Property"
B. The Corporate Authorities of the City of McHenry,
Illinois have determined that it is no longer necessary or in the
best interest of the City that it retain title to said real estate
and that said real estate is surplus and is not required for the
use of, or profitable to the City.
C. The value of said real estate has been determined by a
written MAI certified appraisal to be $83,500, which appraisal is
available for public inspection in the office of the City Clerk.
D. McHenry Savings Bank holds title to a parcel of land
adjoining the Subject Property and has indicated an interest in
purchasing the Subject Property for the appraised price of $83,500.
A draft of the proposed real estate contract, dated March 20, 1995,
has been tendered to the City by McHenry Savings Bank ("Proposed
Contract"). A copy of the Proposed Contract is available for
inspection in the office of the City Clerk.
E. The size of the Subject Property is approximately .48
acres.
F. The current use of the Subject Property is for parking
and is currently zoned C-4 -- Downtown Commercial District.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of McHenry, McHenry County, Illinois, as follows:
SECTION 1. Pursuant to 65 ILCS 5/11/76-4.1, the City
Administrator is hereby directed to negotiate the Proposed Contract
with McHenry Savings Bank. The Proposed Contract shall incorporate
the following material terms:
1. Sale price: $83,500;
2. Earnest money deposit: 10% of sale price;
3. Subject to the lease back requirement referred to in
paragraph 5, below, a use restriction shall be imposed on the
Subject Property such that the buyer shall restrict the
Subject Property's use solely for the business operations of
McHenry Savings Bank and shall not sell or assign the Subject
Property to any third party, until the first of the following
events to occur:
a. the issuance by the City to Lessor of a
building permit for new construction of a Material building on
the Property for banking purposes;
b. the Material expansion of the Lessor's existing
banking facility located adjacent to the premises;
C. until April 15, 2005; or
d. until the Lessor has first offered the Subject
Property to the City, at the same price of $83,500, and the
City has failed to repurchase the Subject Property as therein
provided.
4. Receipt of access and utility easements from the
title holder of the following described property:
THE NORTHEASTERLY 2.0 FEET OF THAT PART OF THE SOUTH HALF
OF SECTION 26, TOWNSHIP 45 NORTH, RANGE 8 EAST OF THE
THIRD PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS:
BEGINNING AT A POINT ON THE SOUTHEASTERLY LINE OF
ILLINOIS ROUTE NO. 120, BEING THE NORTHWESTERLY CORNER OF
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THAT TRACT OF LAND CONVEYED IN THAT INSTRUMENT RECORDED
DECEMBER 17, 1973 AS DOCUMENT NO. 608359; THENCE
SOUTHEASTERLY ALONG THE SOUTHWESTERLY LINE OF SAID TRACT
OF LAND, AFORESAID, AND SAID LINE EXTENDED, A DISTANCE OF
185.0 FEET; THENCE SOUTHWESTERLY PARALLEL WITH THE
SOUTHEASTERLY LINE OF SAID ILLINOIS ROUTE NO. 120, A
DISTANCE OF 185.0 FEET, MORE OR LESS, TO THE
NORTHEASTERLY BANK OF BOONE CREEK; THENCE NORTHWESTERLY
ALONG THE LINE OF SAID CREEK TO THE SOUTHEASTERLY LINE OF
ILLINOIS ROUTE NO. 120; THENCE NORTHEASTERLY ALONG THE
SOUTHEASTERLY LINE OF SAID HIGHWAY, A DISTANCE OF 181.0
FEET, MORE OR LESS, TO THE PLACE OF BEGINNING, IN McHENRY
COUNTY, ILLINOIS.
5. Lease back of the Subject Property to City for $1.00
per year subject to the first to occur of the events referred
to in paragraph 3, above.
6. City to retain first right of refusal to buy the
Subject Property back in the event McHenry Savings Bank
violates the use restriction referred to in paragraph 3,
above; and
7. Reimbursement of City's expenses relating to sale of
the Subject Property not to exceed $2,500.
SECTION 2. Upon the City Administrator's receipt of a written
offer signed by McHenry Savings Bank, incorporating the material
terms referred to herein, the City Council shall act thereon in
compliance with Illinois law.
SECTION 3. A copy of this Resolution shall be published in
accordance with Illinois law.
SECTION 4. This Resolution shall be in full force and effect
from and after its passage, approval and publication in the manner
provided by law.
PASSED THIS 29th DAY OF
March 1995
AYES: Bolger, Locke, Bates, Lawson, Baird, Cuda
NAYES : None
ABSENT • None
NOT VOTING: None
APPROVED THIS 29th DAY OF
ATTEST:
Pamela J. A thoff, rk
March
eL
-" Steven J. Cuda, Mayor
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