title
An Ordinance Authorizing the Execution of a Real Estate Purchase Agreement with Duke Realty Limited Partnership (Portion of Property acquired from LaFarge North America, Inc.)
body
WHEREAS, the Village of Romeoville is a home rule unit of government within the meaning of the Section 6(a) of Article VII of the Constitution of the State of Illinois, and is authorized pursuant thereto to exercise any power and perform any function pertaining to its government and affairs, including the power to acquire and sell real estate pursuant to contract on such terms as the Corporate Authorities shall authorize; and
WHEREAS, the Village of Romeoville has previously acquired certain real property from LaFarge North America, Inc. ("LaFarge") pursuant to its acceptance of an assignment ("Assignment") from Duke Realty Limited Partnership ("Duke"), as approved by Ordinance 19-1581; and
WHEREAS, the Assignment included an option ("Option") in favor of Duke to purchase a certain portion of the property acquired by the Village of Romeoville pursuant to the purchase contract subject to the Assignment; and
WHEREAS, the portion of the property ("Property") subject to the Option is legally described in Exhibit A, a copy of which is attached hereto and incorporated by reference; and
WHEREAS, Duke has duly taken such steps as are required under the Assignment to exercise its rights under the Option to purchase the Property; and
WHEREAS, the price at which the Property is to be sold and terms of the contract by which the Village would sell the Property to Duke pursuant to Duke's exercise of its rights under the Option were included within the Assignment, and are reflected in the purchase agreement attached hereto and incorporated herein by reference as Exhibit B.
NOW THEREFORE BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES FOR THE VILLAGE OF ROMEOVILLE, WILL COUNTY, ILLINOIS; THAT:
SECTION 1: RECITALS. The foregoing recitals are hereby incorporated into this ...
Click here for full text