HomeMy WebLinkAboutEXECUTIVE SESSION - 02/28/1995 - LITIGATION/RELEASED RES NO 24-99 VV
EXECUTIVE SESSION
Elk Grove Village
Date February 28, 1995
Time 10:10 P.M.
TOPIC: Litigation X Personnel_ Land Acquisition_
Village Board Village Board
MEMBERS PRESENT MEMBERS ABSENT STAFF PRESENT
D. Gallitano None G. Parrin
Village President Village Manager
M. Tosto R. Rummel
Village Trustee Asst.Vlg.Mgr.
J. Petri S. Niehaus
Village Trustee Admin. Asst.
R. Chernick G. Knickerbocker
Village Trustee Village Attorney
N. Czarnik
Village Trustee
P. Rettberg
Village Trustee
C. Johnson
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 February 28, 1995 this Executive Session was called to
consider a litigation matter.
Number of pages attached: 1
Date(s) of review for release: July 19995
Date of approval for release: ,�� 7T
2/28/95
10:10 P.M.
LITIGATION
The Village Attorney brought the Village Board up to date
on negotiations with the Grove Mall . The Village Attorney
stated that Grove Mall had originally offered to sell the
property for $6. 8 million dollars without the Burger King. As
of 2/28195, the Village had offered $5.8 million for the same
property, which led to a counter offer of $6.5 million by the
Grove Mall . The attorney stated that he would not counter
offer at $6. 0 million but he would settle at that amount as
previously authorized by the Village Board.
The Village Attorney stated that if the entire
condemnation process would be needed to obtain the property,
expert witness and legal fees would amount to approximately
$200,000 and, therefore, saving this amount should be
considered in the negotiation process. The Village Attorney
stated that if a settlement were reached it is likely that
closing on the property could take place within 45-90 days.
The Village Attorney stated that there were currently no
buyers lined up for the property and if the Village had to pay
for the property they could obtain a General Obligation note
and pay 4 . 85% interest for the amount of money expended on the
property.
The Village Attorney stated that an RFP for the
development of the property was being written with the
assistance of Concord Development Company. The RFP will be
generic in terms of the cost of the property and the amount of
T.I.F. money the Village is willing to contribute. This will
be done to allow the Village Board to examine the various
offers made on the property and to increase the levels of
interest in the property, by potential developers.
The Village Attorney stated that the Trkla report shows a
maximum of $2 .3 million dollars of T.I.F. funding, including
25% of sales tax revenue from the property for the next 20
years.
The Village Board expressed concern over the possibility
of holding title to the property for an extended period of
time and stated that they would rather have developers making
offers on the property as soon as possible. Upon further
discussion the consensus of the Village Board was as follows:
-- expedite the preparation and distribution of the RFP
in an effort to minimize the possibility of the
Village owning the property for an extended amount of
time;
-- have the Village Attorney continue negotiations with
the Grove Mall and not to settle at any amount higher
than the $6. 0 million previously determined without
approval of the Village Board; and
The meeting adjourned at 10:45 p.m.