HomeMy WebLinkAboutEXECUTIVE SESSION - 09/26/2000 - LAND ACQUISITION/RELEASED RES NO 23-03 EXECUTIVE SESSION
Date Sentember 26.2000
Time 7:3512.m.
Chemick 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. Vlg. Manager
B. DILL G. KNICKERBOCKER
Village Trustee Village Attorney
P.FEICHTER
Village Trustee
S. LISSNER {
Village Trustee
J.PETRI ocr
Village Trustee Y 2000
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 09/26/00 this
Executive Session was called to consider a Land Acquisition matter.
Number of pages attached: 1
Date(s) of review for release: June 2001
Date of approval for release:
09/26/00
7:35 p.m.
DISPOSITION OF PROPERTY
The Village President reported that the Village has received an offer of between$1.25
million and$1.275 million for the Dierking Terrace 5 acre property.
To consummate the transaction,the Village will need to upgrade Dierking Terrace to an
industrial capacity but at a residential width. The potential purchaser will place 50%
down in earnest money.
The Village will have no real estate commissions to pay. The purchase proposal is
consistent with the value attributed through the Village's appraisal of the property.
The only risk the Village has is if the cost of the road improvements exceeds $275,000, or
if the purchaser forfeits their earnest money of$125,000. Village staff is attempting to
have a current low bid contractor guarantee the price of the work to be performed next
spring. The purchase must take place within 6 months of the Village reconstructing the
street.
The consensus of the Village Board was for the Village Manager to execute a"Letter of
Intent"to accept the purchase offer. The contract will be finalized after that point.
The meeting adjourned at 7:42 p.m.
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