10/16/2000 Meeting Minutes - Laserfiche WebLink

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Regular Council Meeting 10-16-00 Page 14 road by someone who didn't have the Village's interest in mind, what recourse would we have--what are our options. Mr. Diemert said the Village would have no option except imminent domain and then the price value would have to be fair market value at the time of trial. We are already 5 years later--this price was negotiated in 1995 so it probably has a higher fair market value now. Nfr. Brett said the price now is what has already been negotiated contemporaneously at an arms length transaction. Mr. Diemert said we didn't establish a price. Mr. Brett said no; we did not. Mr. Ilacqua asked if we chose to exercise our right to purchase the property and then wanted to negotiate a deal with the DeMichele family to acquire a lease on the land etc. could we then secure rights as to how that land would ever be disposed of--how can we continue to protect ourselves. Mr. Diemert said if we exercised our option and bought it, we could then lease it to them rather than sell it. Mr.-Brett asked what about a nature conservancy. Mr. Diemert said you can always set up a nature conservancy over any land but normally you wouldn't do that and then lease it out for residential use. You can attach any contingencies you want. You can enter into a contract with them and transfer the property with the condition that they can't ever sell it and retain a deed that has a reversionary clause in it which makes it go back to the Village whenever they do so. Then that has lesser value than fee simple. Mr. Ilacqua asked Mr. Diemert if our options from a legal standpoint are limited unless we buy the property and renegotiate. Mr. Diemert said you can always take land by imminent domain but then you are going to pay the improved value and the inflated value as the years go by. On the other hand, you were using your own money during this time period and investing it and maybe it is making money during that time period. Mr. Brett asked for Mr. Diemert to tell him if he is correct, that one option is to buy the property, establish a nature conservancy or deed restriction on it, sell it for the then market price to whomever you want knowing that you decided to give up control of it that you are at least controlling the nature of that land. L~ 1 Mr. Diemert said he is not sure what Mr. Brett means by that but if you are letting someone use it for single-family residential then it is not going to be for a nature conservancy.