HomeMy WebLinkAboutEXECUTIVE SESSION - 05/12/1998 - LAND ACQUISITION/RELEASED RES NO 14-01 EXECUTIVE SESSION
Date May 12 . 1998
Time 6:45 p.m.
Chemick Conference Room
TOPIC: LITIGATION_ PERSONNEL LAND ACQUISITION X
VILLAGE BOARD VILLAGE BOARD
MEMBERS P F, ENT MEMBERS ABSENT STAFF PRESENT
C. JOHNSON G. PARRIN
President Village Manager
N. CZARNIK R. RUMMEL
Village Trustee Asst. Village Manager
B. Dill S.NIEHAUS
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 May 12. 1998 this
Executive Session was called to consider a Land Acquisition matter.
Number of pages attached: 1
Date(s)of review for release: January 1999
Date of approval for release: .2 • -�7 -4
May 12, 1998
6:45 p.m.
LAND ACQUISITION
The Village President brought the Village Board up to date on
discussions which had occurred since April 28, 1998, regarding the
proposed Bears stadium.
The Village President informed the Village Board that the Bears had
responded to the Village's request and agreed to pay up to $50,000 for
reimbursement of the Village's consultant/legal fees. In addition, the
Village President stated that he met with Bears owner, Michael McCaskey
to familiarize him with the Elk Grove community.
The consensus of the Village Board was for Special Counsel to
engage the necessary consultants to review 4 items. The Chicago Bears will
pay the $50,000 estimated to fund this review. If these 4 items are
unfeasible, then the project would not be able to be completed. Those items
are as follows:
• The tax exempt status and value of selling Personal Seat Licenses
(PSLs);
• The tax exempt status and value of stadium naming rights;
• Elk Grove's ownership of the stadium qualifying for tax exempt status
even if the project would be utilized predominately by a private NFL
organization;
• The total overall savings anticipated from realistic tax exemptions.
The Village President also provided the Village Board with the
following information:
• the Bears had indicated that the proposed stadium/conference facility
will be privately financed;
• Elk Grove is not the only community the Bears are interested in at the
moment.
The Village Manager informed the Village Board that Staff would be
meeting with Bears representatives in the next two weeks to discuss
potential traffic impacts of a stadium facility. Staff present will include the
Village Manager, Village Attorney, Chief of Police, Director of Engineering
& Community Development and Traffic Sergeant.
The meeting adjourned at 7:24 p.m.
lk