Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Property Acquisition topic
No spam. Unsubscribe anytime.
Trustees approve purchase of 10 N. Lincoln Way, staff cites $25,000 incentive for faster tenant vacancy
Summary
Trustees approved buying 10 N. Lincoln Way; staff said an added $25,000 incentive would accelerate tenant relocation and shorten closing timelines, a move that drew concern from a trustee about setting a pricing precedent.
The board approved the village's purchase of 10 N. Lincoln Way after staff explained the negotiated contract and an incentive to speed tenant vacancy. Staff said the purchase price was reported as "250" and that "with that 25,000, it'd be 275,000 to purchase the property," characterizing the $25,000 as an incentive to induce tenants to vacate within six months rather than later.
A trustee warned the incentive approach could set a costly precedent. The trustee said, "It just seems like every time we try to buy these properties, it is the word getting out that if you hold out, you're gonna get more money?" Staff responded that the village determined the figure based on appraisals and a comparable sale next door and that the incentive was meant to expedite the transaction. The board approved the motion by roll call.
