HomeMy WebLinkAbout10/20/1998 CS minutes
TRUSTEES
George A. Clowes
Timothy J. Corcoran
Paul Wm. Hoefert
Richard M. Lohrstorter
DanielA. Nocchi
Irvana K. Wilks
Phone:
Fax:
TOO:
(847) 39<!-6000
(847) 392-6022
(847) 392-6064
MAYOR
Gerald L. Farley
VILLAGE MANAGER
Michael E. Janonis
VILLAGE CLERK
Velma W. Lowe
Village of Mount Prospect
100 South Emerson Street Mount Prospect, Illinois 60056
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MINUTES
CLOSED SESSION
October 20,1998
The Closed Session was convened at 9:43 p.m. by Mayor Farley to discuss Property Acquisition.
Present were: Trustees Timothy Corcoran, Paul Hoefert, Richard Lohrstorfer. Daniel Nocchi and
Irvana Wilks. Absent from the Closed Session was Trustee George Clowes. Staff present included:
Village Manager Michael Janonis, Assistant Village Manager David Strahl and Community
Development Director William Cooney.
Property ACQuisition
Village Manager Janonis provided a general overview of the Northwest Electric negotiations to
date. He stated the sides are still apart regarding a final figure for purchase and incentives.
General comments from Village Board members included various suggestions of options regarding
the structure of the agreement for purchase and relocation expenses. There was also a discussion
regarding th'e process for Condemnation. Manager Janonis stated negotiations would continue
based on the input provided by the Village Board and he will report out any substantial movement by
Northwest Electric to complete the deal.
Village Manager Janonis provided a summary of the negotiations with Norwood for the development
of the third building, which is the building that Pontarelli could not complete due to bankruptcy. He
stated the Village and Norwood are set to close in 30 days with a projected start in the early fall. He
stated that the final cost for the property will be tied to performance scheduling. Among the
suggested performance items is the date of first full occupancy and the necessary payments relating
to the individual unit occupancy during the construction period, There was also discussion regarding
the impact on the TIF revenues due to the delay of getting the building under construction.
Community Development Director Cooney provided an update regarding the property switch
between Fannie May and White Hen and there appears to be substantial interest in this occurring.
He will provide updates to the Board as negotiations continue.
Manager Janonis stated that he had talked to the owner of the Sub Express Shop at Route 83 and
Northwest Highway. He said the appraisal came in at about $180,000, however, the owner has
unofficially suggested the price of $500,000. Manager Janonis has suggested that the owner obtain
an appraisal on his own.
The meeting adjourned at 10:35 p.m.
Respectfully su~e~_ / J
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DAVID STRAHL
Assistant Village Manager
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