Submitted By
Tammie Grossman, Director Development Customer Services
Reviewed By
AMZ
Agenda Item Title
Title
A Resolution Approving the Third Amended And Restated Operating Agreement Between the Village of Oak Park and the Oak Park Economic Development Corporation (Oak Park EDC) and Authorizing its Execution
End
Overview
Overview
Staff prepared Third Amendment to the Operating Agreement with Oak Park EDC and to the organization's By-Laws to reflect changes to the operating relationship between the Village and Oak Park EDC that have been identified as beneficial improvements and reflect the current economic realities due to the Covid 19 Pandemic.
Body
Staff Recommendation
Approve the Resolution.
Fiscal Impact
The 2022 budget requests funding to the Oak Park EDC in the amount of $571,500 which is a $50,000 increase from 2021 but represents the historical funding level for the Oak Park EDC. The extra funds will be used to purchase consumer data analytics to be used for a targeted marketing campaign to support existing businesses as well as general operating support for the organization. The contract also provides that any unspent funds must be returned to the Village.
Background
The proposed By-Laws and Third Amended Operating Agreement were developed in collaboration with the Oak Park River Forest Chamber of Commerce (Chamber) and the OPEDC Board of Directors.
Over the past several weeks Village staff and representatives from the Oak Park EDC and the Chamber have met to clarify the roles of each entity and to establish a clear outline of the roles and responsibilities of each entity. See attached Partner Outline and Business checklist. After approval of the Oak Park EDC contract, Village staff will update the Village website to reflect the clear delineation of responsibility between the entities which will provide more transparency to the public regarding the respective roles of each entity. As part of the 2022 budget, Village staff will be r...
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