HomeMy WebLinkAbout10/26/1978 FC Committee ReportVillage of Mount Prospect
100 S. Emerson
Mount' Prospect. Illinois 60056 COMMITTEE REPORT
TO: Mayor & Board of Trustees
FROM: Trustee Leo Floros, Chairman, Finance Committee
SUBJECT: Finance Committee Meeting 10-26-78
DATE: November 3, 1978
Present: Chairman L. Floros; Trustees N. Murauskis $ E.F.Richardson
Also Present: Acting Village Manager E. Geick, Finance Director R.
Jesse, Director of Public Works H. Weeks, Finance Com-
mission Chairman J. Ronchetto, Northwest Municipal
Conference Executive Director B. Muhlenfeld, representa-
tives of two investment banking firms, and 1st National
Bank of Mt. Prospect.
Liquor License - Skewer Inn, Randhurst Shopping Center:
Mr. Richard Suckerman, Randhurst, Paul Andreades and Christ Karageorgis
appeared before the Committee to present plans for a new restaurant on
the premises formerly occupied by the Randhurst Corned Beef Center,
and to request the issuance of a Class B liquor license. The new
owners, Messrs, Andreades and Karageorgis, are rebuilding the entire
interior for a restaurant that will seat 160 patrons. The petitioners
operate two similar restaurants in Peoria and in the Lincoln Shopping
Mall in south suburban Matteson. The owners hope to have the new
restaurant open on or about April 1, 1979. The Committee voted 3-0
for the creation of a new Class B license to be issued to the owners
of the Skewer Inn.
Northwest Municipal Conference:
The Committee discussed with Bill Muhlenfeld of the Northwest Municipal
Conference the possibility of charging a rental fee for the use of
office space by the NWMC at Village Hall. NWMC has been housed in
Village Hall since August, 1976 without charge. NWMC occupies 600 sq.ft.
of office space, with four fulltime employees and one part-time em-
ployee. It was pointed out that other comparable cooperative groups
and organizations do pay a rental for space used in other Village
buildings. The Finance Committee requested administration to research
the subject further and to come back with a recommended rental fee for
the NWMC to begin with the next fiscal year. Mr. Muhlenfeld, meanwhile,
will advise his Board of the Village's intent to establish some kind
of rental fee arrangement.
Residential Mortgage Loan Program:
The Committee heard from representatives from two investment banking
firms (L. F. Rothschild, Unterberg, Towbin and Watuterlek & Brown)
relative to the issuance of municipal revenue bonds for the purpose of
providing mortgage funds for single family owner -occupied homes in
Mount Prospect. The mortgages would be set at below the prevailing
mortgage rates. This type of program was implemented very success-
fully in Chicago and since then has been adopted by other Illinois
Finance Committee Meeting 10-26-78 Page 2.
home rule communities, including Evanston. After lengthy discussion,
it was decided to seek further input from local realtors and other
local lending agencies to determine, (a) if there is a need for such
a program to help bolster local real estate sales, and, (b) the
impact, if any, on the local finance institutions, namely, the
savings and loan associations.
Fuel Procurement Procedures:
The Committee reviewed the Finance Commission's recommendation on the
subject contained in a report to the Village Board dated July 26, 1978.
The Finance Commission has recommended that the Village seek competitive
bids on its fuel purchases instead of buying from the same supplier
as it has for a number of years.
The Village has purchased fuel from the same supplier to assure its
supply in the event of a fuel shortage. Federal regulations provide
_that gasoline supplies to municipalities are assured in an emergency
period only to that extent that the applicable supplier had provided
fuel in the past and is therefore bound to meet the same allotments.
The Committee, by a.-.--0 ve, supported the present policy, not
wishing to jeopardize the Village's ability to acquire fuel in periods
of shortage.
Leo Floros
Chairman
LF:msw