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178 <br />July 25, 1973 <br />Mr. Locher said that payments come first out of the special assessments and <br />then it would have to be paid by the Village out of the General Funds. This <br />would have to be collected by an Ad Valoreum tax. If money was later paid into <br />this special assessment fund, it would then be transferred into the General <br />Fund to replace the money spent to pay for the bonds. <br />Mr. Marier said that on November 4, 1974 the $550,000.00 is due and payable. <br />He felt that we should discuss how this is to be paid rather than a reissue. <br />Mr. Locher read the original recommendation from Mr. Springsted setting up the <br />3 year maturity date, with the balance to be issued for the remaining 4 years. <br />Mr. Jaworski said the U.S. Lakes is required to pay IZ times the assessment on <br />all lots developed thus making the collection of the special assessments <br />ahead of schedule. Mr. Jaworski asked Mr. Busch if he knew what the prediction <br />for construction in the area was. <br />Mr. Busch said it iT difficult because they have no knowledge of what the <br />Open Space is going to do to the area. They cannot advertise because of <br />the uncertainity of the Open Space Boundaries. <br />Mr. Zelinka noted that the Open Space Commission had made a proposal reducing <br />the area proposed by the County. The County had presented a counter - proposal. <br />These have all been discussed by both our people and the County. <br />Mr. Marier said the County had stated they would not infringe on any previous <br />planned projects. He felt that the County could not be held responsible <br />for the lack of progress that Mr. Jandric was not too interested in carrying <br />out the development. He felt thtt the County could not afford to buy out the <br />project. <br />Mr. Zelinka said that to the best of his knowledge, it was U.S. Lakes who <br />was doing the pushing and the Village was the one who was dragging their feet. <br />Mr. Marier asked, in what way? <br />Mr. Zelinka felt that the Village did not take advantage of opportunites <br />when presented. We stalled afraid that the Village would be used. <br />Mr. Marier said that Mr. Jandric is a progressive man he felt that the <br />problem was one of not being able to sell this project. He felt that the <br />Village was trying to save the land and the project and this meeting was to <br />find a way to pay these bonds. <br />Mr. Jaworski said we would either have to resell or make an attempt to pay <br />them off. He felt there must be proof that this project is going to progress <br />these bonds cannot be paid off if only 10 or 20 homes are constructed per year. <br />Mr. Busch said with some quick calculations of the figures presented, there <br />should be around $300,000.00 in cash available by May 31, 1974 to be used to <br />pay on the principal of these bonds. This would leave only $250,000.00 to <br />be offered for sale. These could be issued for 4 years or maybe only 3 years. <br />