D. Committee of the Whole

APPROVED SPECIAL COMMITTEE OF THE WHOLE MEETING VILLAGE OF LAKE ZURICH BOARD OF TRUSTEES APRIL 9, 2008 1. ROLL CALL AND CALL TO ORDER Meeting was called to order at 7:07 pm. Present were Village President Tolomei, Trustees Branding, Callahan, Johnson (7:14), McAvoy, Poynton and Taylor. Also present was Village Administrator Vitas, Village Planner Gadde and Building/Zoning Director Peterson. 2. PRESENTATION FROM LANDOVER CORPORATION FOR DOWNTOWN REDEVELOPMENT PROPOSAL Village President Tolomei introduced Mr. Richard Sova, President of Landover Corporation. Mr. Sova introduced team member Mr. Bo Strom, President of Charles River Development Group. Mr. Sova distributed information on Landover Corporation which included a concept plan of their vision of the Phase I property. They suggested vacating Main Street and realigning Lake Street to run behind the proposed Promenade Place. The foot print of the building has remained the same as previously designed, but moved closer towards the lakefront. They are proposing a luxury residential three to four story building with 30 to 40 condos and underground parking garage. This project would also include a separate building to the northeast for a waterfront restaurant and adjacent parking lot. The promenade would also be extended to the east, as far as the restaurant. Two additional pieces of property would need to be acquired in order for this project to move forward. A building has not yet been designed for Lake Zurich but envision one of similar quality and size as the one they finished constructing in Baton Rouge, Louisiana. (A photo was also distributed in the handouts.) The building would be double loaded with condos ranging from 1 bedroom at 1000 sq. ft. to three bedrooms at 2000 sq. ft. with prices starting at $285,000 on up to $600,000. 3. DISCUSSION RELATED TO THE PROPOSAL Upon completion of the presentation, the Board was allowed time to give their comments and ask questions. President Tolomei questioned how accessible the promenade would be to the public if this building was moved closer to the lakefront. Currently, the concept plan shows a sidewalk along the northeast edge; however, Mr. Sova felt another access was needed between the two buildings and another at the west end. Major concerns included the water line with regards to underground parking, access/view of the lake, transfer of land jurisdiction and securing the necessary two pieces of property.  Special Committee of the Whole Meeting minutes, April 9, 2008 2 Landover Corporation is ready to begin construction. The major hurdles, pointed out by Trustee Taylor, is securing the property needed for this plan and the transferring of the jurisdiction of Main Street over to the Village of Lake Zurich from IDOT. President Tolomei asked what kind of assistance they were looking for and they responded by saying they would look for some increment at the end of the TIF. Landover is prepared to purchase the two necessary pieces of property and would acquire a traditional bank loan in order to finance this project. Landover Corporation would consider taking over the development of the Somerset development but does not believe it’s feasible for one developer to construct the whole downtown. Further discussions will be needed to determine whether IDOT will consider turning ownership of underlying area over to Village in order for this plan to be developed. Many Trustees liked the idea of moving the building but felt it was critical to provide easy access to the promenade for all the residents of Lake Zurich. Retail and entertainment type retail was originally planned for the Grandview building. Mr. Sova does not believe the sight is large enough to accommodate parking for both retail venues and condo owners. If the necessary land could not be acquired, the building could be moved back to the original planned location and leave Main Street where as is. If the lot on the corner of Lakeview and Main could be purchased, the restaurant could still be built on the water; however, parking may need to be located across Main Street. Administrator Vitas suggested the Board decide whether retail or residential is best for the Village of Lake Zurich on this parcel. Trustee Johnson agreed more public domain is needed in the downtown area. President Tolomei thanked them for coming and for their presentation. 4. ADJOURNMENT MOTION was made by Trustee Branding, seconded by Trustee Taylor, to adjourn the meeting. Meeting adjourned at 8:15 pm. Respectfully submitted: Gloria M. Palmblad, Village Clerk Approved by: 4/28/07