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Committee backs authorization for administration to pursue property purchases in Speedway North business district
Summary
A resolution authorizes village administration to take actions necessary to acquire property in the Speedway North Business District; the committee forwarded the resolution to the board with a positive recommendation.
The Administration Finance Committee on Monday recommended approval of Resolution 63 R 25, authorizing village administration to take actions necessary to acquire property in the Speedway North Business District. James, the village administrator, said the approach is not new: the village has bought commercial properties in the past to support economic development. “This is not a new strategy for the village,” James said. “We have acquired commercial properties in the past to assist with economic development, and this resolution sets a path for us to do so.” Trustee Stromberg moved the recommendation and Mister Simons seconded. Chair Trustee Wilson announced the resolution will go forward to the board meeting that evening with a positive committee recommendation. The staff report did not specify particular parcels, acquisition costs, or funding sources during the committee discussion.
