HomeMy WebLinkAboutEXECUTIVE SESSION - 08/11/2020 - Land AcquisitionEXECUTIVE SESSION
August 11, 2020
6:25 p.m.
Room E
TOPIC: ❑ LITIGATION ❑ PERSONNEL X LAND ACQUISITION
VILLAGE BOARD VILLAGE BOARD
MEMBERS PRESENT MEMBERS ABSENT
STAFF PRESENT
C. JOHNSON
R. RUMMEL
Mayor
Village Manager
N. CZARNIK
M. ROAN
Village Trustee
Deputy Village Manager
P. FEICHTER M. JABLONSKI
Village Trustee Assistant Village Manager
J. FRANKE G. KNICKERBOCKER
Village Trustee Village Attorney
S. LISSNER
Village Trustee
C. PROCHNO
Village Trustee
S. SCHMIDT
Village Trustee
Pursuant to a duly made and approved motion and a majority vote at a regularly scheduled meeting
of the Village President and Board of Trustees on August 11, 2020, this Executive Session was
called to consider review of Land Acquisition.
Number of pages attached:
Date(s) of review for release
Date of approval for release:
February 2021
Date approved by Village Board: September 08, 2020
August 11, 2020
~" The Village has been working through an intermediary, Bhavik Dani, to acquire the Days Inn on
Higgins. The property owner has requested $5 million, the Village's last offer was $3.5 million.
If this property sale goes through, the property owner would invest the profits from this sale with
Dani to go toward the development of the new hotel at the Technology Park. The property owner
may accept a purchase price of $4.5 million. Following the completion of the Technology Park,
Dani has a flag which he would like to use for the redevelopment of the Days Inn into a new
hotel.
There is an opportunity to use TIF funds to make this purchase, if a new TIF District is created to
cover the former Phoenix Club (owned by the Village), Days Inn, McDonalds, and Jiffy Lube.
Increment from Busse -Elmhurst TIF can be used for this acquisition and redevelopment.
The consensus of the Board was to authorize a purchase price of up to $5 million for the Days
Inn and to authorize the creation of a TIF district in this area, with the expiration to be tied to the
expiration of the Busse -Elmhurst TIF.
The meeting was adjourned at 6:32 pm.