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Board updates on pocket-park sale and developer reimbursement; no enforcement clause in sale agreement
3696530 · June 6, 2025
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Summary
Trustees received an update on a previously sold parcel subject to a development reimbursement; the village granted a one-year extension, the buyer has not performed and there is no clawback in the sale agreement; trustees discussed alternative structures for future sales.
The board received an update on the status of a sold parcel tied to a development reimbursement agreement (referred to as the "pocket" property). Trustees reported the board granted a one-year extension but that little construction activity has occurred and the buyer lacks access to reimbursement that…
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