HomeMy WebLinkAbout01/25/1979 FC Committe Report100 S. r--merson
Mount Prospect, Illinois 6005B COMMITTEE REPORT
T0: Mayor & B-oard of Trustees
FROM: Trustee Leo Floros, Chairman, Finance Committee
SUBJECT: Finance Committee Meeting 1-25-79
DATE: January 31, 1979
Present: Chairman L. Floros; Trustee E. F. Richardson;
Village Manager T. Burghard, Finance Director R.
Jesse, Deputy Finance Director W. Tanker, Finance
Commission Chairman J. Ronchetto
Low Interest Mortgage Program:
The Committee concluded its study of the proposal that the Village
issue municipal revenue bonds for the purpose of providing low
interest mortgage funds for home buyers in Mount Prospect. The
Committee voted 2-0 to reject the program in the belief that there
was insufficient interest in the program and that this type of
financing was not in the best interests of the Village.
Liquor License Request - Foremost_Liquors - 102 W. Northwest Highway:
Representatives of Foremost Liquors, the designer, developer, and
applicant (H & I Liquors, Inc.) appeared before the Committee to
request the issuance of a Class C license for a proposed package
liquor store at the former Wille Lumber property at 102 W. North-
west Highway. The proposed 7,000 sq. ft. store would be located at
the north of the new Aldi's Discount Food store. A restaurant is
to be opened alongside (to the east) of the proposed liquor store.
Representatives of Foremost said they believed that a package goods
store at this location would gross about $3 million dollars per year.
Trustee Richardson voted in favor of granting the liquor license.
Trustee Floros opposed on the grounds that there are already seven
package goods store in the Village; one of them (Mt. Prospect Liquors)
is located less than two blocks away at Central & Main Street.
Auditors Report:
The Committee reviewed, with representatives of the auditing firm of
Touche Ross & Company, the 1978 audit and the auditors' letter of
comments and recommendations. The Committee also received from
Finance Director Richard Jesse a written response to the various
items contained in the auditors' comments and recommendations. Some
of the recommendations already have been implemented. None of the
problem areas appear to be of a serious nature. The Committee, as
well as Finance Commission Chairman Jack Ronchetto and the Village
Manager, expressed concern with the tardiness of the letter of
comments and recommendations. The letter was completed approximately
seven months after the end of the fiscal year, and two months after
completion of the audit. Representatives of Touche Ross & Company
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