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Home My WebLink About30216 / 79-22June 21, 1979 # 22 R�S07�I]`I'ION PURF'OSE: �7PER IN'iC) �GR��IT - PiRZCHASE OF CFCCCAGO, MIL[�[J_�,'E, ST. PAUL ANll 1'ACI['SC RAiLR0�1D COL`�IP�'�lY PROPEErFY - EX�LSIOR REDE�IELOc''M�,'NT ARE?: INITIATED BY: CI17 ALY,SSNISTRATIOi7 ivFIY�2FAS, the City of Osh;cosh feels it desirable to acquire C'nicayo, riil�oaukee, St, Paul and Pacific R3i]soad Con�any property in the area con'�cronly known as the Ekcelsior area; NC7S4, Tf�:RL•S'ORE, BE IT RESOL�IED by the CoRr:on Council of the City of �hkosh that the Agreer,�nt, clated June 7, 1979, is he�eby approved with tl:a e�;cep�ions as attach=xl and noted. BE IT FURCi�.R RES�LUE:D that the proper City officials are her.eay authorized and directed to enter into the attached agreer�ent �vith the Chicago, Milwau'.{ee, St. Paul and Paci£ic Railroad Company f.pr the purchase of said pro�erty, for. a total estimated price of $52,171.20. P�ney for this purpose is hereby appropriated from Account nb. 320-104, Redevelo�*ent I�nci -}3��dger-Iacelsior Izedevelo�nt. BE IT FUiri'HER f2FSOL�JED that the proper City ofFicials are hereby authorized and clireciced tn tsansfer the sunc of $46,000.00 fr�n �lccount A'o. 310-550, C�n�ral. Fund F�aity to Account no. 320-418, P.edevelop�Tent Fun3; leavirr� a balance in Account I�b. 310-550, Gen2ral Fiu�d Equity, of $382,215.93. S'JB�dITTED BY - 22 - �� < .-r._ ;,_�;;- �-:.:_� � `,.\,:;_. : Chicago, r'a9ilwau�Cee, S�t. Paui and Pacifiic �2ailroad vcrnpany 516 West .lachson E3oulev�rd Chicago, Illinois G0606 Phone 312i64II-3000 Chicago - June 7, 1979 Kefer to: S- Wisc. - Oshkosh City - "Excelsior Site" Mr. Jotm W. Pence City Attorney City of Oshkosh P. 0. Box 1130 Oshkosh, Wisconsin 54901 Dear Mr. Pence: �`�. � `a..,. � � � � �..� 1li;V I 1 ]`; 7:� C11'Y :�"t i'Oili': F,�"S OF[•'ICt: ,.,� ° ;,s. Xa � � The folloiving is a proposal which I am willing to recommend to the Railroad's management and to the-U. S. District Court for the Northern District of Illinois, Eastern Division, tahich has jurisdiction over the Railroad's reorganization proceedings under Section 77 of the Federal Bankruptcy Act: AREA: It is proposed to sell approximatelq 216,34(i square feet of F.ailroad land at Oshkosh, [disconsiu, as shocnZ in heavy black outline on the attached print dated June 4, 1979, together �zith approximately 2,013 lineal feet of track. The actual sale area is to be determined by certifiecl survey. CERTIrIGD SURVEY: The purchaser, at his expense, wi11 arrange for the preparantion of a certified survay by a qualified surveyor, regi�,;tered in the State of Wisconsin. The survey is to be prepared in strict compliance with the attached specifications as outlined by ti�e Railroad's Chief Engineer. CONSID?i21'CION: The sale price ca-i11 be 27C per square foot on ttie total sale area plus $6,039 for the track. On this basis, the total sale price is estimated at $64,450.00. CONVEYA�CE: The property z.�ill be conveyed to the City of Oshkosh, or nominee, by a Quitclaim Deed, free of the liens, subject to any leases, all e�:isting easements, licenses and rights of the public, whether of record or othercaise, COUP.T APPROVAL: As the Railroad has filed for reorganization under Section 77 of the Federal bankruptcy Act, it will be necessary to obtain approval of the Rai.lroad's Trustee and the U. S. District Court for the Nortliern llisCrict oF Illinois, Eastern Division, in order to provide mercliantable title. Aypropriate orders and documents �aill be provided at th0 Cios�no vf i.iC tTanSnCCici1. .�_-::�% � r '"` Pir. John W. Pence June 7, 1979 Page 2 TITLE: Any title search, abstract or title insurance that is desired by the purchaser will be requested by and prepared at the purchaser's sole expense. TAXES: Z am unable to find any record of the Railroad being locally assessed for real estate tases on the subject property. Therefore, it will not be necessary to prorate taxes as of the date of closing and the Railroad caill not assume the responsibility for the payment of any sucti taxes. SPECIAL ASSESSPfENTS: 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, agrees to assume the responsibility for the payment of all existing or future special assessments levied against any portion of the sale area. APPRAISAL: Upon execution of this agreement by the purchaser, the Railroad, at its option and expense, may arrange for the preparation of an appraisal of the real estate by a qualifie3 appraiser of the Railroad's choice. Should the appraised value of the property be significantly greater than the negotiated consideration as stated herein, in that case and only in that case, the purchaser caill be advised the appraised value and that the Railroad is not agreeable to a conveyance of the land for the negotiated consideration. Should the purchaser still desires to progress the sale, a new sale price will be estaUlished at the appraised value. If the purchaser is not agreeable to paying the appraised value, the sale proposal �aill be cancelled and any money on deposit with the Railroad will be refunded to the purchaser in full. 4R LINr CATF.GORY ACi�NOGTL,EDG^IENT: Purchaser hereby specifically acknocoledges its Lmderstanding that the Railroad's line of railroad, in the immediate vicii:�ity of the real property iirvolved in this ag�reement, is designated � pur3uant to regulations under the Eailroad Revitalization and Regulatnry Refarm Act of 1976 as a C9TEGORY 3 Line, i.e., a line for �ohich an abandon- ment or discontinuance application is pendino before the Interstate Commerce Commission. SPECIAL CONDITION: The Railroad �aill except from the sale the "Sadger Lead Track° crossing the prope-rty fro� the point of s�vitch near 4th & Ohio Streets extendino to the F.ast Uank of Campbzll's Creek. An easement tcrenty feet in csidth, ten feet on either side of the centerline of the track, will be reserved for coatinued maintenance, operation and renewal of the track. The easement will be extinguished upon lawFul removal of the track. The required survey will describe the easement reservation either by metes and bounds or centerline track description. It is u*.:der.stood that the track being conveyed �aill be removed follocaing the closin� of tlae sal.e. neither the Citp nor its contractors caill remove any trackage located within the area of t}te easement reservation. � ,� . �-� � Mr. John Sd. Pence June 7, 1979 Yage 3 � _r � ,� � T•fETfIOD OP PAYhtEN'C: The purchaser is to deposit 10% of the estimated purchase price, ;G,450.00, by certified or cashier's check payable to S.E.G. Hillman, Trustee o£ the property of Chicago, Ptilcraukee, St. Paul and Pacific Ra:ilroad Conpany upon esecution of this agreement. The balance is to be paid in the same manner at the closinp of the sale. LIQUIDATED DAMAGES AND SPECIFIC PERFOR�tANCE: If this sale is not closed by September 30, 1979 because of default or non—performance by the Purchaser, the Railroacl may retain the deposit of $6,450 specified herein as agreed liquidated damages and just compensation, and not as a penalty or forfeiture, and declare this agreement.terminated. In the alternative the Railroad ruay proceed to have this agreement specifically enforced_ � Please re��ieur the terms and conditions of this proposal and, if acceptable to you, kindly arrange for the execution o: Che duplicate copy of this letter and return it to me as evidence of our mutual understanding. The terms of this proposal wi1l become nu11 an3 void pn Ju1y ll, 1979 unless the executed copy of this letter and earnest money deposit is received in this office on or before that date. It is to be clearly understood that the proposed sale of this property is suUject to the approval of the Kailroad's Trustee and the U. S. District Court for the Northern DistricC of Illinois, Eastern Division.. IL for any reason the sale proposal is not approved, your deposit tuill be refunded, in full, and the sale progosal cancelled. I will look fonvard to hearing from you furtiier. Yours very truly, E. J. Stoll i �� sy t�..;J l John P. Nai� Real Estate Representative 6as-sozo JPr�lS� TERMS ACKNOWLLDGED AND AGREED T0: Titl GRANTrE'S NAN1E TO AFPEAR IN THE DELD AS FOLLOidSc "�•:� �.r . 't'`: .�,:.r- r, �i�• ''.'! -- � ( p i7 � r g�` CiiZ.^.�i:0� i�1.. :L�_., Ui, !'�'il 1:1(;l-' C�+1 �,RO. ll CO'1Pfli.t f;ii;�!YIi� Picv D.:t:'%'.'.�?1'1 S�eci.fica:.i��s for Cer�i:ied L^nd Si�r��cys, _ � ,� r 2. ir.c i?ail*_'02d is lo be :t�z-i:i�hed io�.�r (<<� print� of �he �urvey plat. (i�ro (2� for t�e ;ole use o� the I;n�ineerir.g repart�ent.� 2. Tne plzt sha1.1 ha�✓e typed or prin�ed thereon a proper 1e�a1 descriotioa. '!ne area oi ;;ne.s��-v�yec? prope:iy in seuar, fer� s'_�all st�o:•i o^ the pl.u� an1 Ue reci�ed ia t'�e descri,p�ioa_ 'ihe ciescription an1 pla� shaL shosr all courses by nea��red len;i;'as {o tine reares;. headzedtli oi a foat or the eqaivalent, and sho:r the direction of �.1.1 courses eitkie_ by bearinos, in�eriar angles, de_Flection en�? es or azinutha, s'i�o:;a to -Lhe nea:est secon3 oi' a de�:ee. AZ1 curre� courses s?:all s�oa'arc ].en�h, radii, ci�ord lengt� zn3 ci:o.d direction. nzarinas n�y be either true or 2SSLU!]°Ci QS 1.UR� c^_S �2?ey 21'c SO S�2�L'Z:li.CC� ar_d OT1CTl'te(�. �O {;1:2 oearing of a i:notan laad line. ^liie survey shall a7.so be oxienzed to a Imocan la^3 corner. . 3. Railroad trzc.cs adjacent to the p-ronert;l shal2 be shoom. bistancea iI'O'_! 'tt:� certe*_-lines Of SllCil �T3C�LS -f:0 critical poini:s Oi the SL2T- vcy snzll also b2 �ho:m, a:.d also rzci�ed in �he 1e�eJ. descrip�zon. I-1u1tiple y�,d i:rac?cs ray r.ot Ue required. C1ear trizh the Aivisioz E�gineer's or i:l.e Chief rr.�ineer's OfFice if this guesiioa �rises, �;. All corners sriall be pronerly �onti_en�ed and so indica�ed on �he plat. . 5. All i�prove�ents on �hz surveyed pro�er�y shz71 be locrsted and s'�o:,n on tY:z pl�t. These i7clude buiZain�s, tanl;s� txacl:s, pole �1C1°S� 1'1;fcZ=aritS� Se�7e2'S� 11.?.i;E2 ittt4 E;a.^, ]_1ni'-:;� CL1T[75�� .".1CleHr2��i:5� driveiraJs, �eaces, etc. Easerents o: record sn�11 �1�o be SL10..'ri. 6. Strear_s or :ra'ter co,irses on t?�e pro�er�� sha1Z be st:o-..:t or_ the plat witli �'.;e direc:,ion o: �lo:r i�d_calecl_ `j. �^.e .^.1ai: �__u'1 S�c.r ..ne _,_�.1c, a itos�i: �_�C.:� �.:i� 1R Il CO::�°_�SC::,. �t�-CE'� {:h�-'„('3�C', ^O: �i1�7'r:c:'�`1�1:1;1. i.:li: YC:_�:0:1 C:."..�C ..:OLi.C: i:i p?.aced ��ecia�e�1J celc:r t:� orisinal da::e and laoeled u rc•n_�?oz. �. ri iOU:?:�c1't?OP. 't°S"`i. t10_^1:1�5 ?_?"C' OT f13V2 Ueen t:3C�C� the �eSv �IOi°S s'�a11 b° pro�er3y re;erenced on the p1at. I1.' �_ S�•i�h O:�ice of Fss�. Cr_`. Er.�it_eer lntce. C_^.1C%�IiO� n�-1b015� ��l?li? �� 3,. 1r�3• �ev, , I+ove�be: 1G, 1�::� , R�v., Jul;/ 1.5, 19f0 .°.ev, , D�ce:�Ser 21, 1�"(? Fe-,r., 2_�y 2� 1,9?j �° :�•?'"'" , <-. . �Brtf� "vq � � / / / a�� ^�o ,�� ,F� � , \ � :� � ' o \\:�c^_ • nl�� N �� - � l �� h A C :� r F�.,d .:.:.,, ,�'�" /' " �j� }' %r r,, �",, �', � �, � �'N'� t �1'• •r ✓ , � //jI�I � -->J.•J.e �c_� /'(+ I =•eu i �,.�• .. ..�I��:��/�• r�..-iW o� `` `�. :r1 � ?a e^ ta^ ,�A .^ . 4 o` a ; �ro � C � �O . . � � t C ': ' ' �� ,� . AR�: It is proposed to se11 approximately ll0,860 sc�zre feet (3.92 acres) of Riilroad lan3 at Osh}:osh, S•7iscorvsin, as shown in heavy black ou'rlin-� an the attached print dated Jun� 4, 1979, together r�ith approximately 2,013 lineal feet of tradK. 4he actual sale area is to be deterniin�d by certified survey, excluding all that portion of property lying caesterly oi the easterly line of Qzio Street. CONSIDr.R11TI0�: Zhe sale price will be 274 per squ3re fo�t on the total sale area plus $6,039 for the tracic. On this basis, the total sale price is esti.mated at $52,171.20. DIE7IgIOD OF PI�YPtENT: 7he purchaser is to d�oosit 10 0 of the estimated p•archase price, $5,217.00, by certified or cashier's check payable to S_E.G. Hillm�n, Tn.LStee of the pror.:sty of Chicago, Mil�oaukee, St. Paul and Pacific Fai]soad cocipany upon e�c�cution o£ this agreesnent. Zhe balance is to be paid in the same �nr.er at the closing of the sale. ISQUIDATGD DA•LAGES �'�1D SPECIFTC P1;RF'OR^LA.�iCE: If this sale is not closed by Sep;em'�er 30, 1979 b�cause of defaialt or non-per`ormance by the Purchaser, the Railroad n�y retain the deposit o£ $5,217 specified herein as agreed liquidated da,-na-; -�s and just con��sation, and not as a penalty or forfeiture, and d�clare this agre�ri� terninated_ In the alten�ative the Railroad iray proceed to have this agre�nt Specifically enforcecl. t � �3912i''N911 £�-�3S --- N0� b/I H1f1GS % '-- '- _.. /J . . . �_ __-. ^ . _ I 13.�L�1S y �, 9 '-- _ � s£ 9 ? _ _ _ _ _ _ _ � N31VHJtlOH7N3 �lvM I��J O 13�2i1b 'J�IHl --- , — m � o � � � b2 �j �--- - - � _��,19'�01 ��BZ-, 0- �� '� o66S � t w � �- �0317� w _ � � ` � �� — � —.-i -- — — �- � ° °..c°cF � ? � So� ! . I . , ` ' . ' I f I, -:ca - z i � i 6i � � � i I � b� '� � o i -''� I � � 5� � i I� ci sesc `" �.� I � O; . I _ � I � % � .i �� 018i � �' // N � Z 1 � F 1S/i�IQL�1 � bavM p:� �Ni�iac� /; ° -- ' �� ' _ J I � ' , � ' � _ bIV.Y \ . _'.' 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