Submitted By
Tammie Grossman, Director of Development Customer Services
Reviewed By
A.M. Zayyad
Agenda Item Title
Title
A Resolution Approving a Parking Lot License Agreement with 840 Oak Park, LLC for a One-Year Term with Two Optional One-Year Renewal Terms and Authorizing Its Execution
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Overview
Overview
The Village historically enters into License Agreements with entities in order to provide parking in areas where municipal-owned parking options are limited or unavailable and demand for parking exists. This agreement would continue the Village's ability to administer overnight parking permits within Lot 11, located on privately-owned property at 726 Wesley Avenue.
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Recommendation
Recommendation
Approve the Resolution.
Background
The Village currently administers sixteen (16) overnight parking permits within Lot 11, located on privately-owned property at 726 Wesley Avenue. The current tenant of this parcel is a Fifth-Third Bank-drive-through and the property is owned by 840 Oak Park, LLC. During daytime hours, the parking lot is reserved specifically for bank employees and customers. Active permit holders are allowed to park between 6 p.m. and 7:30 a.m., Monday through Saturday, and 24 hours on Sundays and legal bank Holidays.
The property was sold by Fifth-Third Bank to 840 Oak Park, LLC on July 24, 2020. The Village was previously entered into a License Agreement with Fifth-Third Bank, last renewed for a five-year term from September 7, 2009, until September 7, 2014. Since the end of this term, the Village and property owners have operated under the same terms of this agreement.
The current property owner is interested in continuing this partnership with the Village via this new parking lot license agreement.
Fiscal Impact
Pursuant to the proposed License Agreement, the Village shall pay an amount equal to 50% of the Village's annual net receipts for the parking lot with a guaranteed payment of $4,800. Net receipts are determined by ...
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