HomeMy WebLinkAboutEXECUTIVE SESSION - 03/05/1997 - LAND ACQUISITION/RELEASED RES NO 14-01 EXECUTIVE SESSION
IL Date March 5 1997
Time 5 30 pm
TOPIC: LITIGATION PERSONNEL LAND ACQUISITION X
VILLAGE BOARD VILLAGE BOARD
MEMBERS PRESENT MEMBERS ABSENT STAFF PRESENT
D. GALLITANO None G. PARRIN
President Village Manager
J. PETRI R. RUMMEL
Village Trustee Asst. Village Mgr.
N. CZARNIK(5:55 p.m.) S. NIEHAUS
Village Trustee Administrative Asst.
P. RETTBERG (Excused 6 p.m.)
Village Trustee G. KNICKERBOCKER
C. JOHNSON Village Attorney
Village Trustee M. RIORDAN
S. LISSNER (5:55 p.m.) Special Counsel
Village Trustee
P. FEICHTER
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 March 5 1997 this
Executive Session was called to consider a Land Acquisition matter.
Number of pages attached: 1
Date(s) of review for release: July 1997
Date of approval for release:
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8/5/97
5:30 p.in.
SALE OF VILLAGE PROPERTY
Grove Mall Redevelopment al Price
Special Counsel Riordan brought the Village Board up-to-date concerning
negotiations of the sales contract and utilization of TIF funds.
The Village Attorney noted that the total Village paid upgrades are equal to
$3,386,475. This would exceed the amount recoverable under the TIF at 6
interest over 23 years.
The consensus of the Village was to negotiate the sales agreement this with
Hamilton Partners as follows: First, seek an economic concession from Hamilton
Partners for $386,475; second, look to expand the amount of funds Hamilton
Partners fronts under the TIF Note Concept; finally, examine items to be eliminated
to reduce costs.
lThe meeting adjourned from Executive Session at 6:15 p.m.
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