HomeMy WebLinkAboutEXECUTIVE SESSION - 01/28/1997 - LAND ACQUISITION/RELEASED RES NO 14-01 i
EXECUTIVE SESSION
Date Ian jary 28. 1996:�
Time 6,0012.m.
TOPIC: LITIGATION— PERSONNEL_ LAND ACQUISITION-(
VILLAGE BOARD VILLAGE BOARD
MEMBERS PRESENT MEMBERS ABSENT STAFF PRESENT
D. GALLITANO G. PARRIN
President Village Manager
J. PETRI R. RUMMEL
Village Trustee Asst. Village Mgr.
N. CZARNIK S. NIEHAUS
Village Trustee Administrative Asst.
P. RETTBERG G. KNICKERBOCKER
Village Trustee Village Attorney
C. JOHNSON M. RIORDAN
Village Trustee Special Counsel
S. LISSNER
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 lanuary 28. 1997
this Executive Session was called to consider a Land Acquisition matter.
Number of pages attached: 1
Date(s) of review for release: luly 1997
Date of approval for release:
t 1"
1128197
6:00 p.m.
LAND SALE — GROVE MALL
The Village's special counsel, Mary Riordan, brought the Village Board up to
date on the status of the Grove Mall redevelopment.
Parrin stated that discussions were ongoing with Hamilton Partners and
Walgreens to arrange for accommodations which would allow Walgreens to remain
on the site temporarily. A meeting between Hamilton Partners, Walgreens, the
Village Manager and Village Attorney is scheduled for Thursday, January 30.
Riordan reviewed the draft redevelopment agreement, which will be
discussed at the February 4, 1997 public hearing. Riordan highlighted the
following features:
• Price of$4.00/sq. ft. for the 18.9 acres;
• Due diligence date of March 15, 1997;
• $100,000 non-refundable Letter of Credit to secure developers
performance ;
• Additional returns on the sale of the property are being requested
through the Village sharing on a 50/50 split any returns beyond an 11
cash on cash return to the developer. Implementation of this provision
will be linked to the developer's pro forma;
• Condition of property, including environmental;
• Agreed tenants list;
• Completion dates for improvements; and
• B-5 zoning criteria
The Village Board requested staff to research and determine the amount and
cost of aggregate liability insurance required for the Grove Mall property by the
agreement.
Upon further discussion, it was the consensus of the Village Board to
continue the Executive Session on Tuesday, February 4, at 6:00 p.m. The draft
agreement is to be publicly available in the Village Clerk's office, and to the Library
and Park District, on Wednesday, January 29, 1997
The meeting adjourned at 7:00 p.m.
Ik