Submitted By
Tammie Grossman, Director Development Customer Services
Reviewed By
AMZ
Agenda Item Title
Title
A Resolution Approving the Third Amended and Restated By-Laws of the Oak Park Economic Development Corporation (Oak Park EDC)
End
Overview
Overview
The Oak Park EDC is requesting that the Village Board approve the Amended By-Laws to reflect changes to the operating relationship between the Village and Oak Park EDC. Also on tonight's agenda is the Amended Operating Agreement between the Village and the Oak Park EDC.
Body
Staff Recommendation
Approve the Resolution.
Fiscal Impact
The recommended changes do not increase funding levels to the Oak Park EDC.
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 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 recommending that the Village Board authorize an enhanced membership to the Chamber. In addition to the traditional membership benefits received by the Village from joining the Chamber, each new business in the Village will receive a three-month membership to the Chamber. Each new business will also be able to receive a ribbon cutting as part of their membership benefits.
The Third Amended Operating Agreement amends Exhibit A to more accurately reflect the services that the Oak Park EDC will provide to the community under the cont...
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