The Aledo City Council adopted Ordinance No. 39, Series of 2019; Authorizing the Acquisition of Real Property by the City of Aledo, Illinois from Judith A. Lower. It was determined that it will be beneficial to own the Property, which is located adjacent to a public park operated by the Aledo Park District, for the purpose of enabling the City's residents to enjoy expanded recreational opportunities. A tentative agreement with the Seller to purchase the property in accordance with the terms of the Real Estate Purchase Agreement were established, which provides for the sale of the Property, consisting of 6.07 acres, to the City of Aledo at a price of $72,840.
The City of Aledo and the Aledo Park District are municipalities as defined in Section 1(c) of the Local Government Property Transfer Act (50 ILCS 605/1 et seq), an act in relation to the transfer of interests in real estate by units of local government. The Park District has determined it will be beneficial to own the Property, which is located adjacent to a public park operated by the Park District, for the purpose of enabling the City and the Park District's residents to enjoy expanded recreational opportunities. Section 2 of the Local Government Property Transfer Act (50 ILCS 605/2) authorizes a municipality to convey property to another municipality for any public purpose upon the transferee municipality declaring that it is necessary or convenient for the transferee municipality to use, occupy, or improve said property for public purposes.
The Aledo Park District agrees to pay the City of Aledo the sum of $72,840. Payments to be made to the City of Aledo in the amount of $11,581.38 annually commencing on January 1, 2020, and continuing thereafter on the same day of each succeeding year until January 1, 2026. Annual payments shall include principal and interest at the rate of two and three-quarters percent. Buyer may prepay all or any part of the Purchase Price at any time.