Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Property Trust topic
No spam. Unsubscribe anytime.
Board approves resolution to change authorized signer for theater trust
Summary
Trustees voted to designate the current village president as authorized signer for the Chicago Title Land Trust holding the theater so the village can transfer the theater out of trust ownership; staff said the move will enable direct village ownership of the theater.
Staff presented a resolution to change the authorized signer for a Chicago Title Land Trust that holds the village theatre, explaining that the village is a beneficiary and that naming the current village president as authorized signer will allow staff to move the property out of trust and directly into village ownership. The presenter said, “The village acquired the Bensonville Theater in 1990 and the theater is currently held in trust… staff is respectfully requesting the board to change the authorized signer for the trust to the current village's president.”
A trustee asked whether the former village president must sign off; staff replied he does not. The board approved the resolution by roll call. The trust was identified in the presentation by its Chicago Title Land Trust Company trust number 610094 (as read in the meeting).
