HomeMy WebLinkAboutVILLAGE BOARD - 12/17/1985 - SPECIAL MEETING/BONDS MINUTES OF A SPECIAL MEETING OF THE
PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF ELK GROVE VILLAGE
HELD ON DECEMBER 17, 1985
President Charles J. Zettek called the meeting to order at 7:08 p.m, in the
Municipal Building, 901 Wellington Avenue, Elk Grove Village and noted for
the record that the following were present: Trustees Joseph T. Bosslet,
Ronald L. Chernick, Dennis J. Gallitano, Edward R. Hauser, James P.
Petri , Michael A. Tosto. Village Manager, Charles A. Willis; Village
Attorney, George Knickerbocker; and Village Clerk, Patricia S. Smith were
present at this meeting.
Pursuant to the calling, by the Board, of this Special Meeting the Finance
Director asked the Board to also consider the request from Mr. Terry
Johnson, owner of Gamon International , Inc. , to pass a resolution
approving Class 6b Tax Incentive Status for vacant property at 1601 Lively
Boulevard in accordance with the Cook County Property Tax Incentive Program.
All Board members being present and with their concurrence, President
Zettek asked the Board to consider this request and, if so inclined, to
pass the resolution this evening in order for Mr. Johnson to sign off on a
$900,000 Industrial Revenue Bond on December 23, 1985.
The Finance Director explained the effect of the tax reduction on the
Village's portion of the tax levy on that property, stating that the total
tax reduction to the Village would be $21,000.00 or approximately $1,800.00
per year.
Mr. Johnson said his company is a creative product manufacturing company
and explained a few of his products to the Board.
It was moved by Trustee Bosslet and seconded by Trustee Petri that the
Board concur with Mr. Johnson's request and adopt Resolution No. 99-85
entitled, "A RESOLUTION APPROVING CLASS 6b DESIGNATION UNDER COOK COUNTY
REAL PROPERTY ASSESSMENT CLASSIFICATION ORDINANCE OF OCTOBER 1, 1984 FOR
PROPERTY LOCATED AT 1601 LIVELY BOULEVARD, ELK GROVE VILLAGE". The
President directed the Clerk to call the roll on the motion and upon the
roll being called the following answered AYE: Trustees Bosslet, Chernick,
Gallitano, Hauser, Petri , Tosto; NAY: none; ABSENT: none; whereupon the
President declared the motion carried.
President Zettek asked the Board to return to the regular Agenda and
consider the passing of an ordinance providing for the issuance of
Corporate Purpose Bonds.
It was moved by Trustee Petri and seconded by Trustee Bosslet that the
Board waive the first reading rule of an ordinance as it pertains to the
issuance of $9,750,00OCorporate Purpose Bonds. The motion was voted upon
by acclamation; whereupon the President declared the motion carried.
It was moved by Trustee Petri and seconded by Trustee Bosslet that the
Board adopt Ordinance No. 1766 entitled, "AN ORDINANCE PROVIDING FOR THE
ISSUANCE OF $9,750,000 OF CORPORATE PURPOSE BONDS, SERIES 1985, OF THE
VILLAGE OF ELK GROVE VILLAGE, COOK AND DUPAGE COUNTIES, ILLINOIS, AND
PROVIDING FOR THE LEVY OF A DIRECT ANNUAL TAX FOR THE PAYMENT OF PRINCIPAL
OF AND INTEREST ON THOSE BONDS".
The President asked if the Board wished to discuss this item before the
roll call .
Trustee Hauser asked John Peterson of John Nuveen and Company what
consideration had been given to shortening the length of issue and what
impact that would have on the taxpayers.
Mr. Peterson explained the tax schedule and further stated that the Board
must pass the tax levy before January 1, 1986. All business terms will be
ironed out in the supplemental ordinance to be passed next January or
February.
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Discussion followed regarding the tax schedule and various sections of
Ordinance No. 1766.
•The President directed the Clerk to call the roll on the motion and upon
the roll being called the following answered AYE: Trustees Chernick,
Gallitano, Hauser, Petri , Tosto, Bosslet; NAY: none; ABSENT: none;
whereupon the President declared the motion carried.
President Zettek proclaimed January 5 through January 12, 1986 as
"Bowling Week" in the Village of Elk Grove Village.
It was moved by Trustee Bosslet and seconded by Trustee Tosto that the
meeting be adjourned. The motion was voted upon by acclamation; whereupon
the President declared the motion carried and the meeting adjourned at
8:45 p.m.
Patricia S. Smith
Village Clerk
Charles J. Zettek
Village President
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