1962-2796r~®
RESOLUTION N0. 2796
RESOLUTION AUTHORIZING EXECUTION OF AMENDBID EARNBST
MONEY' CONTRACT
WHEREAS, the Village CounciS has heretofore authorized the purchase of the
North 150 feet of the West ib6 feet of the West 1/4 of the Southwest 1/4 of the
Northwest 1/4 of Section 28, Township 28, Range 24, For the sum of $20,000, and
WHERBA~, the terms of such purchase were set forth in an earnest money
contract which was made a part of the resolution authorizing such purchase, and
WHBREAS, it was the intention of the parties to such earnest money agreement
to provide for payments in such a manner as to permit the seller to realize the
benefit of installment payments. for income tax purposes, so as to reduce the inp
come tax payable as a result of the sale of such property to the village,. and
WHBRBAS, the original earnest money agreement executed by the. village and
the owners of such property did not provide for such installment payment.;
NOW THEREFORB, be it resolved bq-the Village Council of .the Village of
Richfield, 'as follows:
1. A proposed revised purchase agreement for the purchase of property
hereinbefore described is hereby given Clerk°s File No. 6909 and
ordered to be placed on file.
2. It is hereby determined to be necessary and expedient to the public
health, safety, prosperity, convenience and general welfare for the
village to purchase such property in accordance with the provisions of such
agreement.
3. The mayor and manager are hereby authorized and directed to execute
such revised purchase agreement on behalf of the village to give effect
to the original intent of the parties hereto, and the village mayor, manager,
finance director and attorneq are hereby authorized and directed to tape such
steps as may be necessary to give effect to such agreement and to complete the
purchase of such property in accordance with the terms thereof.
4. Ali sums payable as the purchase price, pursuant to the provisions of
such agreement, shall be paid out of the Village Pro3ect Noo 460 Fund,
Passed bq the Village Council of the Village of Richfield this 23rd day
of July, 1962,
Stan 0 son, Mayor
ATTEST: /~ ~ r O. ,Van Rr elen, Manager
Edward J, oline, Clerk-Trease
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