HomeMy WebLinkAboutEXECUTIVE SESSION - 08/24/1999 - LAND ACQUISITION/RELEASED RES NO 1-03 EXECUTIVE SESSION
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Date August 24, 1999 LU
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Time 6:25 p.m.
Chernick Conference Room
TOPIC: LITIGATION_ PERSONNEL _ LAND ACQUISITION X
VILLAGE BOARD VILLAGE BOARD
MEMBERS PRESENT MEMBERS ABSENT STAFF PRESENT
C.JOHNSON G.PARRIN
President Village Manager
N. CZARNIK R.RUMMEL
Village Trustee Asst. Village Attorney
B. DILL P.VADOPALAS
Village Trustee Asst.to the Vlg.Mgr.
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 08/24/99 this
Executive Session was called to consider a Land Acquisitiion matter.
Number of pages attached: 1
Date(s)of review for release: January 2000
Date of approval for release:
08/24/99
6:25 p.m.
LAND ACQUISITION
Rohlwing/Devon Commercial Redevelopment
President Johnson provided a presentation on the Village's efforts to redevelop this
shopping center. President Johnson explained that Home Depot is interested in
constructing a 125,000 square foot store at this site,which would require the Village to
acquire approximately 9.3 acres of property, the leases of impacted businesses, and
demolition of the site. In addition,the La Petit Academy is planned for relocation
through a land exchange with the Village's property neighboring Kenneth Young Center
and the Huntington Chase subdivision.
The TIF district established to finance the redevelopment would freeze tax rates at their
current level to minimize impact on other taxing bodies.
A public hearing would be required to address the blight of the property.
The consensus of the Board was to:
Consider up to $3 million in TIF related expenditures;
Utilize the Village's$2.3 million surplus above the four month reserves to avoid any
capitalized interest;
Authorize staff to pursue property assemblage;
Retain the services of special counsel Riordan and reimburse her for services rendered in
developing the plan; and
Establish a$35,000 budget for professional and legal services for a TIF Eligibility
Report.
The meeting adjourned at 7:15 p.m.
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