O-705-91 11/12/9192C56642
/- 2,9
VILLAGE OF LEMONT
ORDINANCE NO. 7o5
JAN 2 9 1992
AN ORDINANCE AUTHORIZING THE EXECUTION OF AN
ANNEXATION AGREEMENT FOR THE DEVELOPMENT KNOWN AS
CARRIAGE RIDGE ESTATES
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COOK C.OUNTX RF.a2RDER
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
This day of , 1991.
Published in pamphlet form by
authority of the President and
Board of Trustees of the Village
of Lemont, Cook, Will and Du Page
CountJ,s, Illinois, this/A day
of IIiflh72r,i . 1991.
VILLAGE OF LEMONT
418 Main Street
Lemont, 11 60439
(708)-257-1550
0
ORDINANCE NO. ,
AN ORDINANCE AUTHORIZING THE EXECUTION OF AN
ANNEXATION AGREEMENT FOR THE DEVELOPMENT KNOWN AS
CARRIAGE RIDGE ESTATES
WHEREAS, the Annexation Agreement has been drafted, a copy of which is attached
hereto and included herein; and
WHEREAS, the developers and the legal owners of record of the territory which is
the subject of said agreement are ready, willing and able to enter into said agreement and
to perform the obligations as required hereunder; and
WHEREAS, the statutory procedures provided for in the Illinois Municipal Code
for the execution of said Agreement have been fully complied with.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF LEMONT, COUNTIES OF COOK, WILL AND
DUPAGE, STATE OF ILLINOIS, AS FOLLOWS:
SECTION 1: That the President be and is hereby authorized and directed, and the
Village Clerk is directed to attest to, a document known as "CARRIAGE RIDGE ESTATES
ANNEXATION AGREEMENT" dated the 7p; day of ?/) ,1991, as
to 1737 acres, (a copy of which is attached hereto and made a part hereof).
SECTION 2: That this Ordinance shall be in full force and effect from and after
its passage, approval, and publication in pamphlet form as provided by law. �#;
is
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES r)
OF THE VILLAGE OF LEMONT, COUNTIES OF COOK, WILL AND DUPAGE, 0')
/ ,ems
ILLINOIS, on this f'9) day of Xen , 1991.
Richard Kwasneski
Kenneth S. Bromberek
Barbara Buschman
William Margalus
Ralph Schobert
Bert Ercoli
Approved by me this
Attest:
0
AYES NAYS PASSED ABSENT
,r im fir _ L1,07" -
'/Vi ENE SM • LLEN, Village Clerk
day of 72i7x/z-te-cre---> , 1991.
et/. it
ENE OLLEN, Village Clerk
J SEPH . FO LEY, d resident
B: \ORDINANCE \CARRIAGE.AUT:JPA:pap
CARRIAGE RIDGE ESTATES ANNEXATION AGREEMENT
ARTICLE TITLE
I Annexation
II Zoning and Land Use Restrictions
III Water
IV Sanitary Sewers
V Storm Water Detention
VI Roadways
VII Landscape Easement
VIII Fees, Building Ordinances,
Permits and General Matters
IX Variations from Subdivision
Ordinance
X Contributions
XI Approval and Applications
XII Letters of Credit
XIII Notice of Violations
XIV Maintenance Bond
XV Damage to Public Improvements
XVI Terms of This Agreement
EXHIBIT
EXHIBIT
TITLE
A Legal Description of Subject Property
B Site Plan of Subject Property
C Plat of Annexation of Subject
Property
0
CARRIAGE RIDGE ESTATES ANNEXATION AGREEMENT
THIS AGREEMENT, made and entered into this �° day of
1991, between the VILLAGE OF LEMONT, a municipal corporation of
the County of Cook, in the State of Illinois (hereinafter referred to as "VILLAGE ") and the
State Bank of Countryside as Trustee under trust number 91 -1044 dated May 6, 1991,
(hereinafter referred to as "OWNER ") and CARRIAGE RIDGE PARTNERSHIP, an Illinois
General Partnership, (hereinafter referred to as "DEVELOPER ").
WHEREAS, OWNER is the owner of record of the real estate (hereinafter referred
to as "TERRITORY"), the legal description of which is attached hereto as Exhibit "A" and
by this reference made a part hereof; and,
WHEREAS, OWNER has submitted to the VILLAGE a Petition for Annexation; and,
WHEREAS, DEVELOPER intends to develop the TERRITORY as single family
dwelling units, in conformance with the site plan prepared by INTECH CONSULTANTS,
INC., labeled Exhibit "B ", which is attached hereto and by this reference made a part
hereof; and,
WHEREAS, the parties hereto desire the TERRITORY which is contiguous to the
VILLAGE to be annexed to the VILLAGE on the terms and conditions hereinafter set
forth; and,
WHEREAS, OWNER /DEVELOPER and VILLAGE agree that they will be bound
by the terms of this Annexation Agreement; and,
WHEREAS, the VILLAGE would extend its zoning, building, health and o
municipal regulations and ordinances over the TERRITORY, thereby protecting the ,`
1
9. O
VILLAGE from possible undesirable or inharmonious use and development of
unincorporated areas surrounding the VILLAGE; and,
WHEREAS, the new boundaries of the VILLAGE OF LEMONT, resulting from this
Annexation shall extend to the far side of every highway and shall include all of every
highway so annexed; and,
WHEREAS, the parties desire, pursuant to Chapter 24, Article 11, Division 15.1 of
the Illinois Revised Statutes, to enter into an Agreement with respect to Annexation of the
TERRITORY and various other matters; and,
WHEREAS, pursuant to the provisions of that Statute, the corporate authority of
said VILLAGE has duly fixed a time for and held a hearing upon the Annexation
Agreement and has given notice of said hearing; and,
WHEREAS, the corporate authority of the VILLAGE has considered the Annexation
and development of the TERRITORY described in the Petition and has determined that
the best interest of the VILLAGE will be met if the TERRITORY is annexed to the
VILLAGE and developed in accordance with the provisions of the Agreement.
NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants
hereinafter contained, the parties agree as follows:
I
ANNEXATION
1. Subject to the provisions of Chapter 24, Article 7 of the Illinois Revised Statutes,
the parties hereto respectively agree to do all things necessary or appropriate to cause the
2
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TERRITORY to be validly annexed to the VILLAGE as promptly as possible upon the
execution of this Agreement.
2. The Plat of Annexation of said TERRITORY is attached hereto as Exhibit "C ".
Said Plat extends the new boundaries of the VILLAGE to the far side of any adjacent
highway and includes all of every highway within the TERRITORY so annexed.
II
ZONING AND LAND USE RESTRICTIONS
Upon the Annexation of the TERRITORY to the VILLAGE, the parcel shown on the
site plan attached as Exhibit "B" shall be classified under the existing zoning ordinance as
follows:
ZONING
LAND EXISTING DWELLING ACRES
USE ORDINANCE UNITS LOTS FOR
Single Family R -4
46 48 17.37
The Development referred to above shall consist of 48 individual lots numbered 1
through 48 as depicted on the Final Plat of Subdivision. Lot 48 shall be dedicated to the
Lemont Township Park District for recreational use and storm water detention and Lot 9
shall be dedicated to the Village of Lemont as a detention area. Lots 9 and 48 shall
remain open space and be constructed according to plans and specifications approved by
the Village Engineer.
III
WATER
1. OWNER /DEVELOPER shall extend the existing water main from such off -site
3
0
locations in accordance with the engineering plans and specifications to be approved by the
VILLAGE Engineer.
2. It is the intent of this Agreement that the OWNER /DEVELOPER shall install
off -site water mains necessary to deliver a minimum of 1,000 gallons per minute fire flow
plus domestic flow with a 20 pound per square inch residual pressure as outlined in the
Illinois Fire Insurance codes and required by the Lemont Fire Protection District.
3. All water mains constructed by OWNER /DEVELOPER shall remain
OWNER /DEVELOPER'S responsibility until such time as they are accepted by the
VILLAGE as provided by ordinance.
4. Water mains shall be designed in accordance with the requirements of the State
of Illinois Environmental Protection Agency Bureau of Public Water Supply and the
domestic and fire protecting needs of the proposed development.
IV
SANITARY SEWERS
Sanitary sewers shall be designed in accordance with the standards for sewage works
adopted by the Lemont and Great Lakes Board of Public Health Engineers and the
requirements of the Metropolitan Water Reclamation District of Greater Chicago.
The design and construction of the Sanitary Sewer shall be in accordance with
engineering plans and specifications approved by the Village Engineer.
V
STORM WATER DETENTION
OWNER /DEVELOPER agrees to adhere to the Retention Policy of the VILLAGE
4
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0
and the Metropolitan Water Reclamation District of Greater Chicago agrees to divert storm
water as required by the VILLAGE Engineer. OWNER /DEVELOPER agrees to install and
VILLAGE agrees to accept necessary surface drainage courses and detention areas.
All detention basins and outlet control structures shall be constructed prior to the
installation of on -site roadway and storm sewer system to prevent property damage during
interim improvement construction. OWNER /DEVELOPER shall take precautionary
measures to prevent storm water run-off from causing erosion and depositing silt in the
Illinois and Michigan Canal and other tributary drainage ways.
The plans and specifications of the construction of this storm water detention shall
meet the needs of the TERRITORY as established by the Metropolitan Water Reclamation
District of Greater Chicago and the Village of Lemont.
VI
ROADWAYS
1. All interior streets within the TERRITORY when developed shall be dedicated
to the VILLAGE. Said streets shall be constructed in accordance with the VILLAGE'S
Subdivision Regulations.
2. The OWNER /DEVELOPER shall be required to dedicate and improve 119th
Street paralleling the Development.
VII
LANDSCAPE EASEMENT
The detention areas, including the landscaping thereof, shall be designed with the
approval of the Village Engineer. OWNER /DEVELOPER shall grant to the VILLAGE a
5
permanent landscape easement around the detention facility in the dimensions set forth
on the Carriage Ridge Estates Plat of Subdivision. A true and accurate copy of the
Carriage Ridge Estates Plat of Subdivision is attached hereto as Exhibit B. Said landscape
easement shall prohibit any fencing from being placed within the landscape easement.
VIII
FEES, BUILDING ORDINANCES, PERMITS AND GENERAL MATTER
The OWNER /DEVELOPER agrees to comply in all respects with all then applicable
provisions of the VILLAGE Building Codes in connection with the construction of buildings
in the TERRITORY. The OWNER /DEVELOPER further agrees to pay all fees, reimburse
the VILLAGE for planning, engineering, and legal fees incurred as a result of the
OWNER /DEVELOPER'S proposal and obtain all permits required by present and future
VILLAGE Ordinances.
Upon execution of the Annexation Agreement and recording of the final Plat of
Subdivision, the OWNER /DEVELOPER shall be authorized to secure a building permit
for the construction of one model home on Lot 35 and one model home on Lot 36.
IX
VARIATIONS FROM THE SUBDIVISION ORDINANCES
Notwithstanding the terms of the Subdivision Ordinance, the
OWNER /DEVELOPER is hereby granted the following Variances:
a) Sidewalks will be installed on each lot prior to issuance of occupancy permit
but not later than two years from the date of the agreement, except that if
not installed within two years from the date of this Agreement, the
OWNER /DEVELOPER shall deposit in escrow sufficient funds to complete
6
the required sidewalks.
b) Types and sizes of tress shall be designated on a landscape plan approved
by the VILLAGE but shall not be required until homes are constructed and
ready for occupancy, except that if not installed within two years from the
date of this Agreement, the OWNER /DEVELOPER shall deposit in escrow
sufficient funds to complete the required plantings.
CONTRIBUTIONS
OWNER /DEVELOPER shall make the following contributions in accordance with
each phase of the development:
(a) Prior to final approval of the Plat of Subdivision, the OWNER /DEVELOPER
shall make the following contributions:
High School District $ 8,335.00
Elementary School District 23,515.00
Park District 28,082.00
Library 12,030.00
Village of Lemont Annexation Fee 1(500.00
TOTAL $83,462.00
x1
APPROVAL OF APPLICATION
VILLAGE agrees to expeditiously take action to approve or disapprove all plats,
plans and engineering submitted to VILLAGE by OWNER /DEVELOPER. If VILLAGE
shall determine that any such submission is not in substantial accordance with this
Agreement and applicable ordinances, the VILLAGE shall promptly notify
OWNER /DEVELOPER in writing of the specific objection to any such submission so that
7
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OWNER /DEVELOPER can make any required corrections or revisions.
XII
LETTERS OF CREDIT
In lieu of any bonds or cash escrow deposits for public improvements, the
OWNER /DEVELOPER may furnish to the VILLAGE irrevocable letters of credit, in the
required amount issued by the reputable banking or financial institution authorized to do
business in the State of Illinois, and shall be subject to the approval of the VILLAGE
Board.
At the time of final plat approval, the letters of credit or other evidence or adequate
funds or security shall at all times be equal to the contract cost of the public improvements
being constructed in each phase of development. If actual construction costs are not
available at time of plat approval, the OWNER /DEVELOPER shall deposit securities as
herein provided, in an amount equal to 125% of the estimate cost for said improvements
as determined by the VILLAGE Engineer. Upon completion of the construction of
improvements, or any part thereof, the OWNER /DEVELOPER shall request the VILLAGE
Engineer to inspect the same. Within twenty -one days after such request, the VILLAGE
Engineer and /or Public Works Director shall, in writing, advise the OWNER /DEVELOPER
of the condition of the improvement, what corrections, if any, are necessary, and whether
same shall be accepted by the VILLAGE. Upon completion of the Improvements or any
part thereof, in accordance with the plans and specifications thereof, the VILLAGE shall
accept the same upon deposit of a corporate guarantee for one (1) year period after
acceptance as required by the subdivision ordinances.
8
The dedication of the improvements to the VILLAGE shall be deemed accepted upon
formal action of acceptance by the corporate authorities of the VILLAGE, and the delivery
by the OWNER /DEVELOPER of a properly executed Bill of Sale for all improvements
contained within the dedication.
Upon acceptance of dedication of the VILLAGE, the OWNER /DEVELOPER may
reduce the letter of credit or form of financial responsibility by an amount equal to the
value of the improvements so accepted.
XIII
NOTICE OF VIOLATIONS
VILLAGE will issue no stop orders directing work stoppage on building or parts of
the project without giving notice of the Section of the Code allegedly violated by
OWNER /DEVELOPER, so the OWNER /DEVELOPER may forthwith proceed to correct
such violations as may exist. Moreover, the VILLAGE shall, insofar as possible, give
advance notice to the OWNER /DEVELOPER shall have an opportunity to correct possible
violations. This paragraph shall not restrain the Building Official from issuing a stop
work order in any case where he considers a continuation of the work to constitute a threat
to the health or safety of the public or personnel employee on or near the site. VILLAGE
shall provide OWNER /DEVELOPER notice as required by Statute of any matter, such
as public hearing, proposed building code changes and policy changes or other matters
which may affect the TERRITORY of development of it under this Agreement.
9
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XIV
MAINTENANCE BOND
At the time or times of acceptance by VILLAGE of the installation of any part,
component or all of any public improvement in accordance with this Section, or any other
section of the Agreement, OWNER /DEVELOPER shall deposit with the VILLAGE a
maintenance bond in the amount of five percent (5 %) of the cost of the installation of the
public improvement accepted by VILLAGE. This bond shall be deposited with the
VILLAGE and shall be held by the VILLAGE for a period of twelve (12) months after
completion and acceptance of all improvements. In the event of a defect in material
and /or workmanship within said period, then said Bond shall not be returned until
correction of said defect and acceptance by Village of said corrections.
XV
DAMAGE TO PUBLIC IMPROVEMENTS
OWNER /DEVELOPER shall replace and repair any damage to public
improvements installed within, under or upon the subject realty resulting from
constructions activities by OWNER /DEVELOPER, their successors or assigns and their
employees agents, contractors or subcontractors during the term of this Agreement.
OWNER /DEVELOPER shall have no obligation hereunder with respect to damage
resulting from ordinary usage, wear and tear.
XVI
TERMS OF THIS AGREEMENT
This Agreement shall be binding upon all the parties hereto, their respective
10
successors and assigns for a period of twenty (20) years. All of the terms and conditions
provided herein shall run the land.
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
on the day and year first above written.
7T:
VILLAGE CLE
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VILLAGE OF LEMONT AND THE
CORPORATE AUTHORITY THEREOF
BY:
1111 . it, Imo.
�►ir `' SI :ENT f/ /
STATE BANK F COUNTRYSIDE AS
TRUSTEE ER TRUST # 91 -1044
DATES MAY; . 1991
BY:
SU i nns L. JUT T �..
GE RIDGE PARTNERSHIP, AN
ILLINOISI7GENEItAL P ' TNERSHIP
,z.
sit:.3n ter
pre:. ursi
BY:
11
STATE OF ILLINOIS)
) SS.
COUNTY OF COOK )
I,
, a Notary Public in and for said County,
in the State aforesaid, DO HEREBY CERTIFY that CARRIAGE RIDGE PARTNERSHIP,
by: Tsaph _Tams
, personally known to me to be the same
persons whose names are subscribed to the foregoing instrument, respectively appeared
before me this day in person and acknowledged that they signed and delivered the said
instrument as their own free and voluntary act.
Given under my hand and Notarial Seal this 271 day of /07)L,
1991.
My commission expires: =-
Notary Public
12
EXHIBIT 'A'
LEGAL DESCRIPTION
The Southerly 798.68 feet, as measured along the Easterly and Westerly lines,
of the East 30 Acres of the Southwest quarter of the Southeast quarter of
Section 21, Township 37 North, Range 11 East of the Third Principal
Meridian, excepting therefrom that part dedicated for 119th Street, all in
Cook County, Illinois.
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VILLAGE OF LEMONT
ORDINANCE NO. 7 0 5.4
ORDINANCE AUTHORIZING THE SALE OF
PERSONAL PROPERTY OWNED BY THE VILLAGE OF LEMONT
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
This a3 day of
Published in pamphlet form by
authority of the President and
Board of Trustees of the Village
of Lemont, Cook Co nty, Illinois,
this 3day of , 1991.
1991.
ORDINANCE NO.
ORDINANCE AUTHORIZING THE SALE OF
PERSONAL PROPERTY OWNED BY THE VILLAGE OF LEMONT
WHEREAS, in the opinion of the corporate authorities of the VILLAGE OF
LEMONT, it is no longer necessary or useful to or for the best interests of the VILLAGE
OF LEMONT to retain certain personal property identified on the attached Exhibit "A ".
WHEREAS, Illinois Revised Statutes, Chapter 24, Section 11 -76 -4, authorizes the
disposition of said personal property as authorized by the corporate authorities.
NOW, THEREFORE, BE IT ORDAINED by the Corporate Authorities of the Village
of Lemont, Cook County, Illinois, as follows:
SECTION ONE: That the property identified on Exhibit A attached hereto and
made a part hereof, shall be sold at a public auction to the highest bidder at a time and
place designated, with reserve, by the Village Administrator and that any property that is
not sold at the public auction, shall be disposed of by the Village Administrator by either
solicitation of bid or by private sale. In the event the Village Administrator is unable to
obtain a fair market value for any of the items set forth on Exhibit A, he shall be
authorized to sell any remaining items for salvage.
SECTION TWO: This Ordinance shall be in full force and effect from and after
its passage, by at least three fourths of all of the corporate authorities, and approval in the
manner provided by law.
SECTION THREE: This Ordinance shall be in full force and effect from and after
its passage, approval and publication in pamphlet form as provided by law.
SECTION FOUR: All ordinances or parts of ordinances in conflict herewith shall
be and the same are hereby repealed.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF VILLAGE OF LEMONT, COUNTY OF COOK, ILLINOIS, on this.. 3 day of
/Lit 1991.
KENNETH S. BROMBEREK
BARBARA BUSCHMAN
BERT ERCOLI
RICHARD A. KWASNESKI
WILLIAM MARGALUS
RALPH SCHOBERT
Approved by me this day of
Attest:
AYES NAYS PASSED AINNf
v
v
fr
ENE SMOLLEN, Village Clerk
B: \ORDINANCE \SALE.PROPERTY
1991.
EP S. ORZLEY, President
24 ¶11 -76 -2
Note 1
adjoining property owner. City of Jack-
sonville v. Padgett, 1952, 413 III. 189, 108
N.E.2d 460.
PUBLIC WORKS, BLDGS., ETC.
2. Bids
A municipality selling real estate no
longer needed for public use does not, if
it accepts any bid, have discretion to
accept any but the highest bid. Temple -
man v. City of Rochelle, 1965, 52 I11.
App.2d 201, 201 N.E.2d 862.
11 -76-3. Deed of conveyance
§ 11 -76-3. When the ordinance has been adopted and the con-
sideration paid or secured, as provided in Section 11 -76-2, the
mayor, or president, and the municipal clerk, may convey the real
estate and transfer it, by proper deed of conveyance, stating therein
the consideration therefor, with the seal of the city or village.
Laws 1961, p. 576, § 11 -76-3, eff. July 1, 1961. Amended by Laws 1967, p.
3435, § 1, eff. Aug. 31, 1967.
Historical and Statutory Notes
Source. Laws 1917, p. 225, § 3; Laws 1941, vol. 2, p. 19, § 59 -3;
S.H.A. ch. 24, 11514. S.H.A. ch. 24, If 59 -3.
Cross References
Realty acquired under Urban Community Conservation Act, execution of deeds, see
ch. 671/2, 1191.13.
Slums and blighted areas, property acquired in redevelopment of, see ¶ 11 -11 -1 of
this chapter.
Library References
Municipal Corporations 6=225(5). C.J.S. Municipal Corporations §§ 968,
WESTLAW Topic No. 268. 969.
11 -76-4. Sale of personal property
§ 11 -76-4. Whenever a city or village incorporated under any
general or special law, other than a city or village of 500,000 or
more population, owns any personal property which in the opinion
of three- fourths of the corporate authorities then holding office, is
no longer necessary or useful to, or for the best interests of the city
or village, such a majority of the corporate authorities then holding
office, at any regular meeting or at any special meeting called for
that purpose, (1) by ordinance may authorize the sale of that
personal property in such manner as they may designate, with or
without advertising the sale, or (2) may authorize any municipal
officer to convert that personal property into some other form that
is useful to the city or village by using the material in the personal
property, or (3) may authorize any municipal officer to convey or
turn in any specified article of personal property as part payment
on a new purchase of any similar article. However, no article shall
be. turned in as part of the purchase price on any purchase except
336
LEASE, ETC., OF PUBLIC PROPERTY 24 ¶ 11- 76-4.1
upon receipt of competitive bids, in such manner as may be pre-
scribed by ordinance, after notice to all bidders that the article will
be turned over as part of the purchase price.
In cities or villages of 500,000 or more population, the sale of any
such personal property shall be governed by the provisions of
Division 10 of Article 8.'
Laws 1961, p. 576, § 11 -76-4, eff. July 1, 1961. Amended by Laws 1967, p.
3425, § 1, eff. Aug. 31, 1967.
Paragraph 8 -10-1 et seq. of this chapter.
Historical and Statutory Notes
Source. Laws 1917, p. 225, § 4; Laws 1941, vol. 2, p. 19, § 59-4; Laws
S.H.A. ch. 24, 11515. 1947, p. 590, § 1; S.H.A. ch. 24, 1159-4.
Library References
Municipal Corporations X225(1).
WESTLAW Topic No. 268.
C.J.S. Municipal Corporations § 962 et
seq.
Notes of Decisions
Construction with other laws 1
1. Construction with other laws
This paragraph and 1111-76-1 of this
chapter authorizing municipality to sell
property no longer necessary or re-
quired for use of municipality do not
authorize combined sale by municipality
of both real and personal property.
Nordine v. Illinois Power Co., 1965, 32
I11.2d 421, 206 N.E.2d 709.
11-76-4.1. Sale of real estate
§ 11- 76 -4.1. The corporate authorities of a municipality by reso-
lution may authorize the sale of surplus public real estate. The
value of said real estate shall be determined by a written MAI
certified appraisal which shall be available for public inspection.
The resolution may direct the sale to be conducted by the staff of
the municipality or by listing with local licensed real estate agencies
in which case the terms of the agent's compensation shall be
included in the resolution. Said resolution shall be published at the
first opportunity following passage in a newspaper published in the
municipality or, if none, then in a newspaper published in the
county wherein the municipality is located. The resolution shall
also contain pertinent information concerning the size, use and
zoning of the real estate and the terms of sale. The corporate
authorities may accept any contract proposal determined by them
to be in the best interest of the municipality by a vote of 3/4 of the
corporate authorities then holding office, but in no event at a price
less than 80% of the appraised value.
Laws 1961, p. 576, § 11- 76 -4.1, added by P.A. 83 -1256, § 1, eff. Aug. 13,
1984.
337
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