Submitted By
Tammie Grossman, Development Customer Services Director
Reviewed By
LKS
Agenda Item Title
Title
A Resolution Approving a Second Amendment to the Parking Facility Management Agreement Between the Village of Oak Park, WDF-3 Wood Oak Park Owner, LLC and SP Plus Corporation and Authorizing its Execution.
End
Overview
Overview
On January 26, 2018, McRef Oak Park, LLC. purchased the the Vantage Building located at the corner of Lake Street and Forest Avenue from WDF-3 Wood Oak Park Owner, LLC. The Second Amendment will substitute McRef Oak Park, LLC. as the co-owner of the parking garage. Additionally, the Second Amendment allows the parties to substitute insurance coverage from an independent insurance to company to a self-funded plan from Magnolia Real Estate a partner in the McRef Oak Park, LLC.
Body
Staff Recommendation
Approve the Resolution
Fiscal Impact
It is anticipated that the insurance cost will be less than the current policy although the policy benefits are the same. Those savings will be passed on to the Village.
Background
On October 4, 2016 the Village Board approved a First Amendment to the agreement with WDF-3 Wood Oak Park Owner, LLC and SP Plus Corporation to remove the incentive fee and add an accounting fee in order to pursue tax-exempt bonds.
On December 7, 2015 the Village Board approved an agreement with WDF-3 Wood Oak Park Owner, LLC and SP Plus Corporation to operate the new public parking garage at 150 Forest Avenue.
On May 26, 2015 the Village received four responses to its RFP for Parking Management and Operations of the Public-Private Parking Facility at the Lake & Forest Redevelopment. After several interviews and thorough review it was determined that the SP Plus Corporation best met the needs of the Village and WDF-3 Wood Oak Park Owner, LLC.
Alternatives
The Village Board could request additional information prior to the consideration of the recommended action.
Previous Board Action
On October 4, 2016 the Village Board approved a First Amendment to the agreement with WDF-3 Wood Oak Park Owner, LLC and SP Plus Corporation to remove the incentive fee and add an accounting fee in order to pursue tax-exempt bonds.
On December 7, 2015 the Village Board approved an agreement with WDF-3 Wood Oak Park Owner, LLC and SP Plus Corporation to operate the new public parking garage at 150 Forest Avenue.
Citizen Advisory Commission Action
N/A.
Anticipated Future Actions/Commitments
N/A.
Intergovernmental Cooperation Opportunities
N/A.
Performance Management (MAP) Alignment
Parking and Mobility Services Division is scheduled to start MAP in the final phase.