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Regular Village Board meetings are typically held at 7:00 p.m., the first three Tuesdays of each month in Council Chambers of Village Hall (room 201), 123 Madison St. When a Regular Meeting falls on a holiday, the meeting typically is held the following night. The Village Board also meets in special sessions from time to time. However, dates and times of Special Meetings can vary and may change.

File #: ORD 17-207    Name:
Type: Ordinance Status: Passed
In control: President and Board of Trustees
On agenda: 6/5/2017 Final action: 6/5/2017
Title: An Ordinance Authorizing the Execution of a First Amendment to Sales Tax Rebate Sharing Agreement with Gugly, Inc. for the Redevelopment of the Property Located at 1 Lake Street (formerly 412 North Austin Boulevard) by the Village of Oak Park, a Home Rule Unit of Government Consistent with the Recommendations of the Oak Park Economic Development Corporation (Oak Park EDC)
Attachments: 1. Ordinance for First Amendment, 2. First Amendment to Sales Tax Rebate _ Pioneer Property(29022211_2), 3. Original EDC _Pioneer Property Advisors_Term Sheet_1.11.16, 4. Pioneer Property Advisors_Extension 4.26.17 (2)

Submitted By                     

Tammie Grossman, Director Development Customer Services

 

Reviewed By

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Agenda Item Title

Title

An Ordinance Authorizing the Execution of a  First Amendment to Sales Tax Rebate Sharing Agreement with Gugly, Inc. for the Redevelopment of the Property Located at 1 Lake Street (formerly 412 North Austin Boulevard) by the Village of Oak Park, a Home Rule Unit of Government Consistent with the Recommendations of the Oak Park Economic Development Corporation (Oak Park EDC)

 

End

Overview

Overview

The Oak Park EDC previously recommended that the Village enter into a Redevelopment Agreement that included a Sales Tax Sharing agreement with Gugly, Inc. to redevelop the property located at 1 Lake Street (previous address 412 N. Austin Boulevard) into a restaurant. The Agreement provided that construction and completion of the restaurant would be no later than June 30, 2017. Gugly, Inc. is now requesting an extension to complete the restaurant. The Oak Park EDC is recommending adopting a First Amendment to the the Redevelopment Agreement extending the delivery date to March 31, 2018.

 

Body

Staff Recommendation

Adopt the Ordinance

 

Fiscal Impact

See attached recommendation.

 

Background

The Oak Park EDC had previously assisted Pioneer Property Advisors with marketing efforts since the company purchased 1 Lake Street (previous address 412 N Austin Boulevard)in 2012, with limited favorable response. Gugly, Inc now has a restaurant concept that will be a full service brew-pub, offering 144 seats on two levels with a rooftop deck/bar area.

 

On May 2, 2016 the Village Board concurred with the EDC’s recommendation to support the project with an incentive payable in the form of an initial grant of $50,000 and a tiered rebate of future sales taxes generated by the proposed tenant, a full-service brewpub, or another similar operation. That Agreement was condition on the restaurant opening on June 30, 2017.

 

This agenda item is for an Amendment to the above agreement  to extend the opening date to March 31, 2018.

 

Alternatives

Refer the matter back to the Oak Park EDC for additional information and/or further review.

 

Previous Board Action

On May 2, 2016, the Village Board authorized the execution of the Redevelopment agreement and Sales Tax Sharing Agreement with the June 30, 2017 completion date.

 

Citizen Advisory Commission Action

N/A.

 

Anticipated Future Actions/Commitments

N/A

 

Intergovernmental Cooperation Opportunities

N/A.

 

Performance Management (MAP) Alignment

A governance priority for the Development Customer Service Department is Economic Development Management.