The TIF #4 Redevelopment Plan and Project approved by the Board outlines possible land acquisition sites for the Village to acquire in order to facilitate implementation of the TIF District #4 Plan. Staff has, at the direction of the Board, negotiated a contract with the owner of 139 E Golf Terrace, in the amount of $525,000, to acquire this property for future redevelopment.  The purchase shall be paid from TIF #4 account 263-4001-571-50-25.

Recommendation

It is recommended that the Village Board approve the attached Ordinance Authorizing the Execution of a Real Estate Contract to acquire 139 E. Golf Terrace.