HomeMy WebLinkAboutEXECUTIVE SESSION - 12/03/1996 - LAND ACQUISITION/RELEASED RES NO 24-99 EXECUTIVE SESSION
Date December 3. 1996
Time 7:0512.m,
TOPIC. LITIGATION_ PERSONNEL_ LAND ACQUISITION _ X
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 G. KNICKERBOCKER
Village Trustee Village Attorney
P. RETTBERG M. RIORDAN
Village Trustee Special Counsel
C. JOHNSON
Village Trustee
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 December?. 1996.
this Executive Session was called to consider a Land Acquisition matter.
Number of pages attached: 1
Date(s) of review for release: July 1997
Date of approval for releaser
12/3/96
7:05 p.m.
SALES PRICE OF REAL ESTATE
The Village Attorney and Special Counsel indicated that the two remaining
developers for the Grove Mall (Hamilton Partners and Taxman Corporation) have
clarified and refined their proposals. The Village must now establish a potential
sales price for negotiation of a final sales and redevelopment agreement. Both
developers have come up to close to $4/sq. ft. How the final contract is written
could provide a greater return to the Village.
However, there are a number of factors that will impact the sales price.
Tenant uses such as the Movie Theatre, Good Year, and a Wendy's restaurant,
which were not acceptable, will impact the sales price differently.
The consensus of the Village Board was to not accept Willis Johnson's
theatre offer, but ascertain if he has an interest to remain up to the time of
demolition. Staff may advise Johnson that the Village will open dialog with other
theatre operators.
In addition, they will meet on December 10 at 6 p.m. in Executive Session
to review further information on the theatre as well as the developers. After
receiving that information, the Village Board will plan to establish a sales price for
the property and ascertain which development proposal meets with guidelines of
the sales price as well as to commence negotiations of an agreement .
The meeting adjourned at 9:30 p.m.
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