The village will recoup $400,000 from the Foley-Rice Cadillac Dealership lawsuit brought in 2009.
A lawsuit filed by the village of Oak Park against the former Foley-Rice Cadillac dealership in 2009 has finally come to a close. In the settlement, approved by the village board on Nov. 19, the village will be able to recoup $400,000. According to the Chicago Sun-Times, the lawsuit was filed in October 2009 with the village seeking the repayment of $400,000 in tax increment financing funds, the return of $1,156,500 the village gave the dealership for its property at 722 W. Madison St. (as well as returning the property) and $200,000 in compensation to the village for the time spent on the lawsuit and attorney's fees. The settlement will still need approval from a judge on Nov. 28. Read the full story on the Chicago Sun-Times website here.