Loading...
01/25/1999January 25, 1999 The January 20, 1999, recessed meeting of the Board of Trustees of the Village of Deerfield was called to order by Mayor Forrest in the Council Chamber of the Village Hall on Monday, January 25, 1999, at 8:00 P.M. The Clerk called the roll and announced that the following were: Present: Bernard Forrest, Mayor Marvin W. Ehlers John H. Heuberger Harriet E. Rosenthal Edwin B. Seidman Vernon E. Swanson Michael Swartz and that a quorum was present and in attendance. Also present were Attorney Shelia Quinn and Village Manager Robert Franz. OLD BUSINESS AUTHORIZATION FOR MAYOR TO SIGN The Board considered an Agreement between the AGREEMENT WITH KEY BANK AND THE the Village and Key Bank regarding the parties VILLAGE - _SOUTHWEST QUADRANT respective rights and remedies in the event of a default under the Redevelopment Agreement or the loan documents. As a result of this Agreement, for consistency purposes, certain minor clarifications must also be made to the Redevelopment Agreement between the Village and the Malk Entities. Key points include: 1. If Mr. Malk defaults under the Redevelopment Agreement or the loan documents, both the Village and the Lender will receive notice. 2. No party will enforce its remedies.during a forty-five (45) day standstill period in which the Village and Lender will cooperate to decide upon a resolution to the matter. 3. The resolution may include the Village reacquiring the Project and either assuming or paying off the loan or the parties may work together to choose a replacement Developer to finish the project. 4. If the Village assumes the loan it will have to cure Mr. Malk's defaults, but will not have to pay any late fees, default interest or collection costs of the Lender. 5. The Village can let the Lender foreclose upon its loan. In that case, the Lender will assume Mr. Malk's obligations under the Redevelopment Agreement, including the obligation to timely complete the project. 6. If the Lender or its successor subsequently fails to complete the Project, the Village will retain all of its remedies, including the right to reacquire the project. Attorney Quinn stated that if the motion is to approve the document, it should be approved in substantial conformance subject to review in final form because of a few minor changes that need to be made. Trustee Swartz made a motion to authorize Mayor Forrest to sign an agreement between the Village and Key Bank regarding the Southwest Redevelopment Project. Trustee Heuberger seconded the motion. The motion passed by the following vote: AYES: Ehlers, Heuberger, Rosenthal, Seidman, Swanson, Swartz (6) NAYS: None (0) 1 AUTHORIZATION FOR MAYOR TO SIGN AN The Board reviewed an amendment to the AMENDMENT TO THE REDEVELOPMENT Redevelopment Agreement to reflect the changes AGREEMENT BETWEEN CRM PROPERTIES made in the agreement between Key Bank and AND THE VILLAGE the Village. Attorney Quinn stated that the changes are needed with respect to the original Redevelopment Agreement between the Village and the Malk entities for consistency purposes so that all agreements read together. Key points include: all Malk entities are required to waive any liens against the Project, including any fees and commissions owed to them; if the developer defaults against its loan documents, the Village will have the right to acquire the entire Project; the Village has the right of first opportunity which is the Village's right to reacquire the project after it is complete if Mr. Malk or his entities desire to sell the property; and the amendment clarifies the procedure for the disbursement of TIF funds as they get expended. Trustee Rosenthal made a motion to authorize Mayor Forrest to sign an amendment between the Village and CRM properties regarding Deerfield Square Redevelopment Project. Trustee Ehlers seconded the motion. The motion passed by the following vote: AYES: Ehlers, Heuberger, Rosenthal, Seidman, Swanson, Swartz (6) NAYS: None (0) Mayor Forrest commented that these agreements were to protect the Village's investment in the project. However, the Board was very confident that the development would be built as planned. ORDINANCE INCREASING THE NUMBER OF The Board considered a second reading of an CLASS E LIQUOR LICENSES - MACARONI ordinance increasing the number of Class E GRILL liquor licenses by one (1). It was noted that Romano's Macaroni Grill asked that the second reading be moved up from February I St to help them secure their license from the State in a timely manner. Trustee Rosenthal made a motion to adopt the ordinance. Trustee Heuberger seconded the motion. The motion passed by the following vote: AYES: Ehlers, Heuberger, Rosenthal, Seidman, Swanson, Swartz (6) NAYS: None (0) ADJOURNMENT There being no further business to discuss, Trustee Seidman made a motion to adjourn the meeting. Trustee Swanson seconded the motion. The motion passed unanimously. The meeting was adjourned at 8:15 P.M. ATTEST: Village Clerk 2 APPROVED: Mayor