HomeMy WebLinkAboutEXECUTIVE SESSION - 02/13/2018 - Land AcquisitionEXECUTIVE SESSION
February 13, 2018
6:55 p.m.
Chernick Conference Room
TOPIC: 0 LITIGATION 0 PERSONNEL X LAND ACQUISITION
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
J. FRANKE
M. JABLONSKI
Village Trustee
Assistant Village Manager
S. LISSNER
G. KNICKERBOCKER
Village Trustee
Village Attorney
J. PETRI
Village Trustee
C. PROCHNO
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 February 13,
2018, this Executive Session was
called to consider review of Land Acquisition.
Number of pages attached: 1
Date(s) of review for release: September 2018
Date of approval for release:
Date approved by Village Board: February 27, 2018
February 13, 2018
`.. 6:55 p.m.
The Village has an opportunity to buy the 8-acre Elk Grove Hotel site for $4-4.5 million. The
purpose would be to prevent another low -end franchise from purchasing the property and
running another Motel-6 or similar type of establishment. The Mayor explained that the
proposal would be that the Village would buy the site and tear down the building to prepare it for
sale. The Village could use TIF funds to purchase, but sufficient funds are not yet available in
the TIF. The Village could borrow from the General Fund, using funds currently set aside as an
extra month above the 4-month reserve, and then pay back the General Fund through the TIF.
The purpose of the TIF is to revitalize blighted areas such as this.
The Elk Grove Hotel parcel does not include the strip mall in front.
The consensus of the Board was to direct staff to open up conversations with the property owner
to explore purchasing the property.
The meeting was adjourned at 7:00 p.m.