HomeMy WebLinkAboutEXECUTIVE SESSION - 12/08/2020 - Land Acquisition4
EXECUTIVE SESSION
December 8, 2020
5:43 p.m.
Room A, B and C
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 December 8, 2020, this Executive Session was
called to consider review of Land Acquisition.
Number of pages attached: 1
Date(s) of review for release: February 2021
Date of approval for release:
Date approved by Village Board: January 12, 2021
December 8, 2020
-� 5:43 pm
Bhavik Dani, the original developer of the Technology Park Hotel, was unable to make the
project work. Dani brought in another developer, who has purchased the land from him. This
new developer is also not able to meet the terms of the current redevelopment agreement. In
order to move forward, it's necessary to extend the timelines with a new redevelopment
agreement.
The Deputy Village Manager explained the following proposal for moving forward with the new
development: The developer must begin building construction by April 1, 2022, and obtain a
certificate of occupancy by November 2023 before the Village will pay the $1.15 million
incentive to cover the land acquisition costs.
The consensus of the Village Board was to move forward with proposing a new redevelopment
agreement with these terms.
The meeting was adjourned at 5:49 pm.
LIN