HomeMy WebLinkAbout11/12/1985 COW AgendaCL*17_:RK*S ICE
CtMITTEE OF THE WHOLE
AGENDA
Meeting Location: Meeting Date and Time:
Board: Room, 2nd Floor Tuesday, November 12, 1985
112 East Northwest Highway 7:30 p.m.
1. CALL TO ORDER - ROLL CALL
11. ACCEPTANCE OF MINUTES OF -OCTOBER 29, 1985
Ill. CITIZENS TO BE HEARD
IV. 'POLICY CAJIDELINES FOR CONTRIBUTIONS TO NOT-FOR-PROFIT
ORGANIZATIONS
Earlier this year, the Mayor and Board of Trustees assigned
the task to the Finance Commission to develop specific,,,. I
policy guidelines for contributions to charitable organiza-,
tions. The Corrmission has met on three occasions to discuss",-,
this issue and developed the attached recommended Policy.
The Policy differentiates between not-for-profit local civic
organizations and charitable/social organizations. The
Commission was concerned that o u r Policy be non-
discriminatory and that distinct benefits accrue to Mount
Prospect residents.
Members of the Finance CorrTnission have indicated that they
wi-11 attend the Committee of the Whole meeting to offer
further elaboration of their recommended Policy.
V. TAX INCREMENT FINANCING RECOMMENDATIONS
On the Agenda for the Village Board meeting of November 19
will be the Ordinance prepared by special counsel to acquire
property within the Tax Increment Financing District. Field
appraisals have been completed and negotiations instituted
on a number of parcels. Prior to submitting written formal
offers, the Village will need this Ordinance and have our
financing in place.
Staff has met on several occasions with our financial
adviser, Ron Norene, and completed an estimated cost and
timetable for our financing needs of Target Area A' (Target
Area A is that property in the western vicinity of the Busse
Florist).
Our estimated financing needs are $1,700,000. We will be
seeking an interim loan arrangement from area financial
institutions and when the property is eventually sold to a
developer, we will then go for final financing. This first
Target Area experience will permit us to then refine our
numbers and strategies for any remaining Target Areas.
Attached is a memorandum from David Jepson outlining the
procedure in greater detail. If the Board desires to
discuss specific acquisition matters, that should be done in
Executive Session.
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