HomeMy WebLinkAbout30939 / 80-15Septeirber 18, 1980 # 15 RE'SOLUPION
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BE IT RESOLVED by the Commn Cotmcil of the City of Oshkosh that the proner
City officials are hereby authorized and directed to purchase ric�t-of-way fmm
the Chicago, Milwaukee, St. Paul arxl Pacific Rai]soad Cor,q�zy, the tracks fmm
the east side of Ohio Street tn their �rtherly termi.nus, at a price of $10,000.00.
Nbney for this purnose is hereby apr�ropriated from Accoimt No. 320-104, Badger-
Excelsior Redevelopnent Ftmd.
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Chicago, "�liiwaulcee, St. Pauf
and Pac�fic Railroad Company
516 WesiJackson Boulevard
Chicago, Ilfinois 60606
Phone 312r548-3000
CHICAGO - September 8, 1980
Refe: to: S- WZ - Oshkosh
Badger Lead Track
Mr. William D. Frueh
City Manager �
City of Cshkosh
P. 0. Bo:c 1130
Oshkosh, W"I 54902
Dear Mr. Frueh:
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Please refer to your telephone call of September 4, 1980, regarding the
purchase of a portion of the Railroad Company's property at Oshkosh,
Wisconsin.
I am willing to recommend to my management and to the United States
District Court for the Northern District of Illinois, Eastern Division,
which has jurisdiction over the reorganization proceedings of the Railroad,
the following proposaL•
SELLER: Richard B. Ogilvie, not as an individual but solely as Trustee
of the property of Chicago, Milwaukee, St. Paul and Pacific Railroad
Company, Debtor. - -
PURCHASER: City of Oshkosh or nominee.
AREA: Approxiaately 1.18 acres of Railroad Iand as shown outlined in
red on the attached print dated September 8, 1980, together wil approximately
2.567 lineal feet of track thereon.
SALE PRICE: The sale price for the property to be conveyed will be $10,000
net to [he Railroad Company.
METAOD OF PAYDfENT: The Purchaser will deposit with the Railroad Company
$1,000 by certified check, cashier`s check or bank eioney order payable
to Trustee, Chicago, rtilwaukee, St. Pau1 and Pacific Railroad Company
upon execution of this agreement. Any balance will be due and payable
at the time of closing in a similar manner.
CLOSING: Closing wiil be at a rsutually agreeable time and place unless
Purchaser prefers to close in escrow in which case Purchaser will pay
the entire escrow fee. The escrow agent shall be acceptable to the
Seller.
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Mr. William D. Frueh
Septembe= 8, 1980
Page 2
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CONVEYANCE: The property will be conveyed by Quitclaim Deed ;�rom the
Trustee, iree from liens and other claims and subject to all existing
leases, aasements, licenses and rights of the public whether of record
or other.�ise.
MINERAI,c2IGHT5: Mineral rights are included in the consideration and
will not be reserved in the deed.
SURVEY: No survey will be necessary if the Railroad's Property Management
Departaeat can furnish a legal description of the property to be sold
which cr�il be mutually satisfactory to both the buyer and the management
of the Railroad Company. Purchaser may, at its own expense, have the
property surveyed if desired.
TITLE: ?'he Seller has no abstract of title, title report or title
insurance policy on this property and any such abstract, report or
policy as nay be desired by the Purchaser shall be obtained by the
Purchaser without expense to the Seller.
SALES ERPEIvSES: The Purchaser will assume all expenses in connection
with the sale.
TAICES: The property will be sold subject to real estate taxes for the
year of 1980.
SPECIAL ASSESSitENTS: The Railroad is unaware of any special assessments
for public improvements presently levied against the sale site. The
Purchaser by signing of this agreement and subsequent closing of the
sale, 2orees to assume the responsibility for the payment of all existing
or futuie special assessments levied against any portion of the sale
area.
iRACKAGE: As a condition of the sale, the Purchaser agrees to assume
all expenses associated with the removal of all trackage and related
materials and to the restoration of the property, including the pavement
in public streets and rights of way.
COURT �1??ROVAL: Since the Railroad has filed for reorganization under
Section 77 of the Federal Bankruptcy Act, it will be necessary to obtain
approval of the U.S. District Court for the Northern District of Illinois,
Eastern Division.- In order to provide marketable title, a copy of the
appropriate order of the court will be furnished at or prior to closing
of the szle.
LIQUID9i"�'D DAMAGES AND SPECIFIC PERFO&'�1ANCEc If this sale is not closed
by Januar� 15, 1981 because of default or non—performance by the Purchaser,
then Railroad may retain the deposit, as provided herein, not as a
penalty or forfeiture but as liquidated damages and just compensation,
and declare this agreement terminated. In the alternative, the Yailroad
may proceed to have this agreement specifically enforced.
;ir. William D. Frueh
September 8, 1980
Page 3
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EXPIRATION: If the sale terms and conditions as outlined herein are not
accepted on or before October 5, 1980, this offer will be null and void
unless extended in writing by the Railroad Company.
If for any reason this sale is not approved by the Railroad's management,
Trustee or U.S. pistrict Court, the total deposit, as provided herein
will be refunded and this agreement will be cancelled.
If the fo:egoing sale terms and conditions are acceptable, wi11 you
please �ave the attached duplicate copy of this letter executed, dated
and retu�ed to me as evidence of our agreenent together with the deposit
as provided herein. Upon receipt of the signed proposal and deposit, I
will submj,t the proposal to the Trustee and the Court for approval and
confirma[ion.
Sincerely yours,
E. J. Stoll, Vice President
Property Management
BY� �r��I.P�Q,C}/ !l.• E'1L�1�
Theresa K. Rerick
Real Estate Representative
(312) 648-3023
TERMS ACKri'OSdLEDGED AND AGREED T0:
Date
GRANTEE'S NAME TO APPEAR IN THE DEED AS FOLLOWS:
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