Mr. Barenie conducted the remainder of the meeting.
Mr. Barenie recommended Michael Forbes for Vice-President, no other nominations were made. Motion unanimously passed.
Mr. Forbes nominated Gregory Volk for Secretary, no other nominations were made. Motion unanimously passed.
Mr. Austgen asked if this is dependent upon the direction or notification to the Lake County Assessor on or before July 15th of this year of the intention to capture all of the increment from the district. Mr. Kil stated that they are definitely going to capture all of the increment this year because he has already read the bottom out of $1.9 million as outstanding and their cash is $1.7 million; depending on collections, he has no reason to believe they won’t collect all of the money.
Mr. Austgen stated it would be appropriate to request the Commission to authorize the issuance of that notice in a timely fashion for purposes of the debt service repayment that Mr. Kil just reported as contemplated. Mr. Kil stated that along with acceptance of the annual report the Commission can motion to authorize the preparation of a letter to the Auditor whereby we request capturing all of the tax increment per statute. Mr. Austgen added that this is his recommendation.
There was no further discussion. Mr. Barenie asked to enter the motion that Mr. Kil just made regarding the expedition of this and ensure it gets done as soon as possible, with the letter to the Auditor, etc. Mr. Forbes made that motion. Seconded by Mr. Volk. Motion unanimously passed.
ATTEST:
/s/ Sherry P. Sury
Clerk-Treasurer
Mr. Kil stated that if we get the distribution in time, we will be able to satisfy the St. John Marketplace Bond, pay those off and have enough money in the bank for the construction of the road and demolition of the building as we previously talked about. Mr. Kil confirmed the deadline of July 15, that Mr. Austgen explained we do not know that we are going to get our tax money on time and do not want to say that we are going to pay off the bonds and that the tax draw is coming, he would rather have the money in hand. Mr. Forbes stated that to reiterate we are at a point where we are going to pay off all the bonds and want to make sure we recapture the money to make the last payment. Then in 2013 we won’t capture any more money. Mr. Kil stated that we are releasing all the taxes that come in to all the taxing bodies that it should go to. We are going to release the tax increment.
Mr. Gembala motioned to adopt Resolution # RDC 12-06-28. Seconded by Mr. Volk. Motion passed with a vote of 4-0.
Mr. Gembala motioned that the Redevelopment Commission authorize the President to authorize the release of the captured increment in the event the funds are collected from the distribution on or before July 15th. Seconded by Mr. Bustamante. Motion passed with a vote of 4-0.
ATTEST:
/s/ Sherry P. Sury
Clerk-Treasurer
Mr. Kil showed a second edition plat for the board members reference. He added that this includes vacating the existing right of way that lies adjacent to Rte. 41 in favor of the frontage road continuance of Earl Drive. This will happen simultaneously with the approval of the plat. Discussion ensued.
Mr. Austgen stated that a schedule has been developed and it can happen in the next two months.
Mr. Forbes motioned to approve the agreement with John Eenigenburg. Seconded by Mr. Bustamante. Motion passed with a vote of 5-0.
ATTEST:
/s/ Sherry P. Sury
Clerk-Treasurer