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HomeMy WebLinkAboutEXECUTIVE SESSION - 12/16/2014 - Executive Session Minutes Land Acquisition EXECUTIVE SESSION December 16, 2014 6:34 p.m. Chernick Conference Room TOPIC: L ITIGATI©N °PC ."` . X ►Nle! AR � r T1QI,w° T' VILLAGE BOARD VILLAGE BOARD MEMBERS PRESENT MEMBERS ABSENT STAFF PRESENT C. JOHNSON R. RUMMEL Mayor Village Manager N. CZARNIK M. ROAN Village Trustee Deputy Village Manager P. FEICHTER M. JABLONSKI Village Trustee Assistant Village Manager J. FRANKE 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 December 16, 2014, this Executive Session was called to consider a Land Acquisition matter. Number of pages attached: 1 Date(s) of review for release: July 2015 Date of approval for release: December 16, 2014 6:34 p.m. Land Acquisition The Village Board was informed that the Village had received several offers below the asking price for 321 Bond Street. There is currently an offer on the table of$825,000, with the condition that the Village pays for half of the Phase I environmental assessment, which has an estimated cost of $3,000. Elk Grove Village will also pay a 2.5% commission. The building needs extensive roof and HVAC repairs and will require considerable investment to prepare for use. The buyer wants one additional dock and a 6b property tax exemption. The consensus of the Board was to accept the offer and move forward with the sale. The Board was reminded that the money from this deal had been previously discussed for use as seed money for a housing revitalization fund to help spur reinvestment in the older parts of the community. The consensus of the Board was to have Village staff prepare a plan on setting up this sort of housing fund to be presented to the Board before the end of the fiscal year. The meeting adjourned at 6:41 p.m.