HomeMy WebLinkAboutEXECUTIVE SESSION - 05/22/2001 - LAND DISPOSITION/RELEASED RES NO 8-04 COPY
EXECUTIVE SESSION
Date May 22. 2001
JUN 1 ? 2001
Time 6:50 p.m. Vit I A09 0
Chernick Conference Room
TOPIC: LITIGATION_ PERSONNEL _ LAND DISPOSITION X
VILLAGE BOARD VILLAGE BOARD
MEMBERS PRESENT MEMBERS ABSENT STAFF PRESENT
C.JOHNSON G.PARRIN
Mayor Village Manager
N. CZARNIK R.RUMMEL
Village Trustee Asst.Village Manager
B. Dill G.KNICKERBOCKER
Village Trustee Village Attorney
P.FEICHTER
Village Trustee
S.LISSNER
Village Trustee
J.PETRI
Village Trustee
C.PROCHNO
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 Mav 22.2001 this
Executive Session was called to consider a Land Disposition matter.
Number of pages attached: 1
Date(s)of review for release: January 2002
Date of approval for release:
UY"
5/22/01
6:50 p.m.
Land Disposition
The
The Village Attorney advised that the contract purchaser,John Gullo,was nearing the
completion of his 45-day Due Diligence. Gullo has made the following requests to the
Village:
1. He wants the Village to fund an engineering study estimated at$15,000 to $20,000 to
ascertain whether the portion of the property located in a zone b flood plain is
buildable.
2. He wants the Village to fund the removal of approximately 3"of degraded plant
material and soil; and,
3. He wants a recapture agreement assessed against the incorporated properties for the
upgrade of the roadway.
The consensus of the Village Board was as follows:
• Elk Grove Village is to obtain$1 million net from the sale of the property.
• The Village Attorney is to ascertain from Centerpoint Properties if they are
still interested in purchasing the property under their original offer. If so,
when Gullo's due diligence lapses, the Village will enter into a contract with
Centerpoint Properties.
• Gullo can pay for the engineering study. If he purchases the property,the
Village will reduce the sales price by that amount. If he fails to purchase the
property, the engineering study is simply his cost for his due diligence. The
study must be completed by July 1, 2001.
• Keep the recapture language as in the contract(unincorporated properties
only).
The meeting adjourned at 7:02 p.m.