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DeForest CDA moves to closed session to consider letter of intent for Jefferson Square sale
Summary
The CDA moved into closed session to discuss a letter of intent to purchase Jefferson Square with an acceptance deadline cited in the letter; staff recommended closed session to preserve negotiating position.
During open session staff introduced agenda item 7.1, saying the CDA had received a letter of intent to purchase the Jefferson Square property with an acceptance deadline of May 29. Staff recommended the CDA move the discussion into closed session to preserve negotiating position.
"I would recommend for the purpose of preserving our negotiating position that we do have this discussion in close session," staff said in open session.
The board made a motion, seconded, and the clerk called roll before moving into closed session; Commissioners Mankey, Maneski, Upier, Briggs, Bhoff and Chairperson Williams were recorded as present in the roll call recorded on the transcript. No decision about the sale was recorded in open session; further discussion and any decision were moved to closed session.
What’s next: the CDA will continue the Jefferson Square negotiations in closed session. The loan purchase agreement related to the Yahara Crossing item is expected to be reviewed by the village board on June 2 and by the CDA on June 11, which may interact with any proceeds or obligations from a future Jefferson Square sale.
