HomeMy WebLinkAboutRESOLUTIONS-2003-073-R-03• 11 /19/2003
73-R-03
A RESOLUTION
Authorizing the City Manager to Execute
An Assignment and Assumption of
Redevelopment Agreement and Note for 909 Davis
WHEREAS, Davis Church Office Development, L.L.C. ("Davis Church") owner of
909 Davis and an affiliate of Mesirow Stein, signed a Redevelopment Agreement with the
City of Evanston dated October 12, 2000, for the property at 909 Davis; and
WHEREAS, Davis Church is selling and conveying to Oppenheim Immobilien-
Kapitalanlacesellschaft, as nominee for American Fund-OIK ("OIKA"), a German
• Corporation, or an entity which is owned or controlled, in whole or part by OIKA, or
principals of OIKA, the real estate at 909 Davis described in Exhibit A; and
WHEREAS, Davis Church has agreed to assign to OIKA all of the right, title and
interest in and to the Redevelopment Agreement and the Promissory Note, both dated
October 12, 2000; and
WHEREAS, the Redevelopment Agreement requires Church Davis to get approval
from the City as to the form of the deed transferring ownership of 909 Davis; and
WHEREAS, the City Council has determined it is in the best interest of the citizens
of Evanston to approve said Assignment and Assumption of Redevelopment Agreement
and Note for 909 Davis,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF EVANSTON, COOK COUNTY, ILLINOIS:
73-R-03
SECTION 1: That the City Manager is hereby authorized and directed to sign and •
the City Clerk hereby authorized and directed to attest on behalf of the City of Evanston, an
Assignment and Assumption of Redevelopment Agreement and Note between the City of
Evanston, Davis Church Office Development, L.L.C., and OIKA, a German Corporation, or
an entity which is owned or controlled, in whole or part by OIKA or principals of OIKA, for
909 Davis. Such Agreement shall be in substantial conformity with the Agreement marked
as Exhibit 1 attached hereto and incorporated herein by reference.
SECTION 2: The City Manager is hereby authorized and directed to negotiate any
additional conditions on the Agreement as may be determined to be in the best interests of
the City.
SECTION 3: The City Manager is hereby authorized to approve the form of the
deed, attached as Exhibit 2, transferring ownership of 909 Davis. •
SECTION 4: This Resolution shall be in full force and effect from and after its
passage, approval, and publication in the manner provided by law.
Mayor
ATTEST:
V- i lerk
Adopted: ' lP/VVIh2003
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