HomeMy WebLinkAbout10/26/1977 FC Committee Report# Villiage Iirospect
100 S. Emerson Mount Prospect, Illinois 60056
Rhone 312 / 392-6000
COMMITTEE REPORT
'TO: Mayor & Board of Trustees
FROM: Trustee Leo Floros, Chairman, Finance Committee
SUBJECT: Finance Committee Meeting 10-26-77
DA.,rE: October 27, 1977
Present: Chairman Floros; Trustees Murauskis & Richardson-.'
Also Present: Village Manager Eppley, Finance Director Jesse, '
Insurance Commission Members Terry Frakes and Paul
Christofferson, and DAMP Commissioner Robert Teepe.
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Japanese Steak House:
Attorney Paul W. Meinhardt and Architect Michael DeLapp presented
plans for a proposed Japanese Steak House to be located in the new
Colony Square Shopping Center at Oakton and Elmhurst Roads. The
owners of the restaurant --Mrs. Keiko Rummel, Mrs. Koshiko Wright,
and Grace Wadainski--plan to operate a full service restaurant and
cocktail lounge,, featuring Japanese style at the tables. Mrs.
Rummel's husband Leon will be manager of the establishment. The
Rummels have taken up'residency in Mount Prospect. The 4500 sq. ft.
restaurant will seat 96 and 50 more in the cocktail area. The
request for a Class B license (consumption on premises only) wag
approved by the Committee 3v-0.
Deferred Income Program:
The Finance Committee at its May meeting had discussed this ..atter
and had referred it to the Insurance Commission for further investi-
gation. The Insurance Commission reviewed plans offered 'by two
agencies and recommended that the plan offered by the ICMA (Inter-
national City'Management Association) Retirement Corp. and which is
available now only for the Village Manager, be made available to
all Village employees on a voluntary basis. There is no cost to
the Village.
The Finance Committee voted 3-0 to accept the Insurance Commission's
recommendation to make the ICMA plan available to all Village employees.
Insurance Coveraee:
The Insurance Commission has expressed concern about the $500,000
limit on our present insurance coverage for the Village. The Com-
mission believes that coverage in the range of I - 5 million dolla0rs
would be more realistic.
After discussion with Commission members Frakes and Christofferson,
it was agreed that administration, through Finance Director Dick
Jesse, would ask our insurance agent to obtain bids from various
carriers for extended coverage. Upon receipt of these bids, the
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