Ordinance 2021-035 Approving a Purchase and Sale
ORDINANCE 2021-035 APPROVING A PURCHASE AND SALE AGREEMENT WITH 1011-1027 HUNTER HILLCREST LLC FOR THE HUNTER HILLCREST PROPERTY (1011- 1027 HILLCREST DRIVE, DEKALB, ILLINOIS). WHEREAS, the City of DeKalb (the “City”) is a home rule unit of local government which may exercise any power and perform any function pertaining to its government and affairs pursuant to Article VII, Section 6, of the Illinois Constitution of 1970; and WHEREAS, 1011-1027 Hunter Hillcrest LLC (the “Seller”) is the owner of property legally described in Exhibit A attached hereto and incorporated herein (the “Property”); and WHEREAS, the City and Owner are parties to a Settlement and Release Agreement dated April 21, 2021 (the “Settlement Agreement”) that gave the City an option to purchase the Property at a price equal to the Property’s appraised value as determined by an agreed appraiser, plus and minus standard prorations and credits; and WHEREAS, on July 31, 2021, the agreed appraiser determined that the Property’s appraised value as of June 29, 2021 is $1,185,000.00; and WHEREAS, the Settlement Agreement requires that the City and Seller enter into a purchase and sale agreement for the Property within 30 calendar days from the agreed appraiser’s determination of the Property’s appraised value; and WHEREAS, a purchase and sale agreement for the Property is attached hereto and incorporated herein as Exhibit B (the “Purchase Agreement”); and WHEREAS, the City’s corporate authorities find that approving the Purchase Agreement is in the City’s best interests for the protection of the public health, safety, morals and welfare; and NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of DeKalb, Illinois, as follows: SECTION 1: The recitals to this Ordinance are true, material, adopted and incorporated herein as Section 1 to this Ordinance.
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