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After closed session, Edgerton council forgives Rinehart mortgages contingent on $20,000 escrow and property sale
Summary
The council moved into a closed session under Wis. Stat. 19.85(1)(e) to discuss a development agreement amendment and land purchase, then returned to open session and approved forgiving Rinehart mortgages contingent on Rinehart escrowing $20,000 to cover shortfall payments and contingent upon sale of the properties.
The Edgerton Common Council entered a closed session on Dec. 15 under Wis. Stat. 19.85(1)(e) to deliberate a Development Agreement amendment and a land purchase.
After returning to open session, the council unanimously approved a motion to forgive the Rinehart mortgages, contingent on the obligation that Rinehart escrow $20,000 to cover shortfall payments as required under the Development Agreements and contingent on sale of the properties. The motion passed on a 6–0 roll-call vote.
The closed-session invocation cited the statutory exemption for deliberating competitive or bargaining matters. No additional details about the development agreement amendment or the land-purchase terms were disclosed in the public minutes; the mortgage-forgiveness approval was recorded with the escrow contingency.
What’s next: The forgiveness action is contingent on sale of the properties and the escrow condition; the council did not record further implementation steps in the minutes beyond the contingency.
