HomeMy WebLinkAboutEXECUTIVE SESSION - 11/13/2001 - LAND ACQUISITION/RELEASED RES NO 8-04 COPY
EXECUTIVE SESSION
Date November 13,2001 (dov ' .1 20j11
Time 6:21 p.m.
Chemick Conference Room
TOPIC: LITIGATION_ PERSONNEL _ LAND ACQUISITION X
VILLAGE BOARD VILLAGE BOARD
MEMBERS PRESENT MEMBERS ABSENT STAFF PRESENT
C. JOHNSON G.PARKIN
Mayor Village Manager
N. CZARNIK R.RUMMEL
Village Trustee Asst.Village Manager
B. DILL P.VADOPALAS
Village Trustee Asst. to the Manager
P. FEICHTER G. KNICKERBOCKER
Village Trustee Village Attorney
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 November 13,2001 this
Executive Session was called to consider a Land Acquisition matter.
Number of pages attached: 1
Date(s)of review for release: June 2002
Date of approval for release: T ��
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11/13/01
6:21 p.m.
Land Ar
cuisition
The Mayor provided a presentation on a plan to bring a tenant to the vacant Eagle Foods
building on Meacham Road. The Mayor reported the 56,000 sq. ft. building has
remained vacant for 19 months to date and is not TIF eligible.
Home Depot has agreed to a tentative plan to redevelop and occupy the site. The
building would be expanded to 95,000 sq. ft.,plus an 18,000 sq. ft. garden center. Home
Depot will negotiate the relocation of the existing shoe store and book store to
accomplish this. Furthermore the relocation of detention basins behind the building
would need to be completed to make space for the expansion.
To finance the significant construction costs, a preliminary property development
reinvestment program was devised. This would be an 8-year program to reinvest Home
Depot generated sales taxes into the site on a graduated schedule approximating$200,000
per year. Years 6 through 8 would be tied to sales performance, and the Village would
offer no funds if sales do not exceed$30 million during a given year.
The Mayor noted the plan has been approved by the local Home Depot office, but is
awaiting authorization from their Atlanta headquarters.
The consensus of the Village Board was to authorize the Village Attorney to proceed with
the plan as proposed.
The meeting ended at 6:54 p.m.