HomeMy WebLinkAboutEXECUTIVE SESSION - 02/13/1996 - LITIGATION/RELEASED RES NO 24-99 EXECUTIVE SESSION
Date February 13 1996
Time 10:15 o m.
TOPIC. LITIGATION X PERSONNEL_ LAND ACQUISITION
VILLAGE BOARD VILLAGEBOARD
MEMBERS PRESENT MEMBERS ABSENT STAFF PRESENT
D. GALLITANO R. CHERNICK G. PARRIN
President Village Trustee Village Manager
J. PETRI R. PUMMEL
Village Trustee Asst. Village Mgr.
N. CZARNIK S. NIEHAUS
Village Trustee Adminisrative Asst.
P. RETTBERG G. KNICKERBOCKER
Village Trustee Village Attorney
C. JOHNSON
Village Trustee
S. LISSNER
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 13, 1996,
this Executive Session was called to consider a litigation matter.
Number of pages attached:. 1
Date(s) of review for release: luly 1996
Date of approval for release: �g"
2/13/96
10: 15 P.M.
LITIGATION
The Village Attorney brought the Village Board up to
date on the status of the Grove Mall condemnation
litigation.
The Village Attorney stated that his original estimate
for the cost to acquire the Walgreen's lease was far lower
than the price Walgreens is seeking. Walgreen's is seeking
approximately $300, 000 to $350, 000 for the remainder of
their lease through the year 2, 000. This would increase the
Village's purchase price to approximately $6. 45 million.
Upon further discussion, the consensus of the Village
Board was as follows:
-- to authorize the Village Attorney to spend up to
$6. 50 million to purchase the Grove Mall property,
excluding Burger King and Citgo; and
-- to negotiate a sliding scale (pro-rated) for the
acquisition of the Walgreens lease based on the
actual closing of Walgreens as it relates to the
expiration of their lease.
The meeting adjourned at 10:25 p.m.