HomeMy WebLinkAboutRESOLUTIONS-1997-079-R-9710/7/97
79-R-97
A Resolution
Consent to Sale or Assignment of Holiday Inn
Pursuant to Contract Dated
January 10, 1972
WHEREAS, pursuant to Ordinance 3-0-72, the City of Evanston did sell to P&S
Management Co., Inc. the real estate described in Exhibit A commonly known as the Holiday
Inn; and
and
WHEREAS, paragraph number 5 of the rider to said contract reads as follows:
5. Purchaser shall have the right to assign all of its rights hereunder to a partnership,
limited partnership, joint venture, trust or other entity of which Purchaser and/or James
L. Schwartz and Marshall Padorr, the principal shareholders off Purchaser, are the
general partners, controlling shareholders or have working control through equity
ownership or otherwise; provided, however, that said assignment shall not relieve
purchaser of any of the obligations or duties incurred by its hereunder. Purchaser
agrees it will not sell the equity of the property for a use which is tax exempt, except
with the consent of the City Council.
WHEREAS, pursuant to Resolution 96-R-91 the City Council on January 27, 1992 did
consent to the sale of an Assignment of Certain Interests in the aforedescribed real estate to
the Evanston North Shore Hotel Partners L.P., an Illinois Limited Partnership; and
WHEREAS, the Evanston North Shore Hotel Partnership, L.P., as the result of a
refinancing of the aforesdescribed property is seeking to transfer all its assets and interests in
said real estate to the Evanston North Shore Hotel Partners, L.P. an Illinois Limited Liability
Company; and
s
WHEREAS, the City of Evanston has been requested to consent to said sale and •
assignment; and
WHEREAS, said sale and assignment shall not relieve P&S Management Co., Inc. of any
of the obligations or duties undersaid real estate contract; and
WHEREAS, said sale and assignment shall not relief the Evanston North Shore Hotel
Partners, L.P., an Illinois Limited Partnership of any of the obligations and duties under said
real estate contract; and
WHEREAS, said sale and assignment is not for tax exempt use,
NOW, THEREFORE, BE IT RESOLVED BY THE CITYO COUNCIL OF THE CITY OF
EVANSTON, COOK COUNTY, ILLINOIS, as follows:
Section 1: That the City Manager is hereby authorized to consent on behalf of the City
of Evanston to the Sale and/or Assignment of the aforesaid property from the Evanston North
Shore Hotel Partners, an Illinois Limited Partnership to the Evanston North Shore Hotel
Partners, L.L.C., an Illinois Limited Company. Provided that said assignment does not relieve
P&S Management, Co., Inc. or the Evanston North Shore Hotel Partners, an Illinois Limited
Partnership of any of the obligations or duties incurred by it under the contract for sale dated
January 10, 1972 or any substantive assignment thereof.
SECTION 2: That the City Manager is authorizes to negotiated such additional terms
and conditions as reflect the best interests of the City of Evanston.
SECTION 3: That this Resolution shall be in full force and effect following its passage
0 and approval in a manner provided by law.
ATTEST:
ek
Adopted: (3 11997
•
•
3
"�<,ayor
EXHIBIT A LEGAL DESCRIPTION
ASSIGNMENT - HOLIDAY INN
The East 40 feet of Lots 5 and 6 in Block •
29 in the City of Evanston in.Section 18,
Township 41 North, Range 14, East of -the
Third Principal Meridian, also the West
100 feet of Lots 5 and 6 in Block 29 in
the City of Evanston, all in Cook County,
Illinois; ;
Lots 7 and 8 in Block 29 in Evanston in
the South West quarter of Section 18,
Township 41 North.,, Range 14, East of the
Third Principal Meridian, in Cook County,
Illinois; and.
Lots 9 and 10 in Block 29 in Evanston in
Section 18, Township 41 North, Range 14,
East of the Third Principal Meridian, in
Cook County, Illinois.
•