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A Resolution Approving a Parking Lot License Agreement with 840 Oak Park, LLC for a One-Year Term with Two One-Year Renewals and Authorizing Its Execution
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Introduction
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The Village historically enters into license agreements with private entities to provide parking in areas where municipal-owned parking options are limited or unavailable, and where demand for parking exists. The proposed renewal of the license agreement with 840 Oak Park, LLC would continue to allow the Village to administer overnight parking permits within Lot 11, located on privately owned property at 726 Wesley Avenue.
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Recommended Action
Adopt the Resolution.
Prior Board Action
The Board has taken the following prior action(s):
• On December 3, 2024, the Village Board adopted Resolution 23-374, approving the final one-year renewal option of the parking lot license agreement with 840 Oak Park, LLC
• On December 4, 2023, the Village Board adopted Resolution 23-364, approving the first one-year renewal option of the parking lot license agreement with 840 Oak Park, LLC.
• On February 6, 2023, the Village Board adopted Resolution 23-44, approving a one-year parking lot license agreement with 840 Oak Park, LLC, with two optional one-year renewal terms.
Background
The Village currently administers sixteen (16) overnight parking permits within Municipal 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 exclusively for bank employees and customers. Active permit holders are allowed to park between 6:00 p.m. and 7:30 a.m., Monday through Saturday, and 24 hours on Sundays and legal bank holidays.
A new one-year license agreement allows the Village to continue providing high-demand overnight parking in this area for residents who lack off-street options.
Timing Considerations
Approval of this Resolution will allow staff to execute the new agreement prior to the expiration of the current license and ensure there is no disruption in the sale and validity of overnight parking permits assigned to Lot 11.
Budget Impact
Pursuant to the 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 minimum payment of $4,800. Net receipts are calculated by determining the annual gross receipts from parking permit revenue and deducting any taxes assessed on those permits and paid by the Village.
The property owner is responsible for all property maintenance and utility costs, including but not limited to landscaping, snow/ice removal, and electricity usage. The property owner is also responsible for all property taxes assessed on the property.
Adequate budget exists within the proposed FY 2026 Parking Fund Budget, account #5060.43770.787.540707 (Parking Lots, Lot Rental Reimbursement) to cover this expenditure.
Staffing Impact
There is no staffing impact associated with this action.
DEI Impact
There is no DEI impact associated with this item.
Community Input
There has been no community input given in relation to this item.
Staff Recommendation
Staff recommends adoption of the Resolution approving a one-year Parking Lot License Agreement with two one-year renewals with 840 Oak Park, LLC and authorizing its execution.
Advantages:
• Maintains availability of overnight parking in a high-demand residential area.
• Provides continued permit revenue to the Village.
• Requires no additional maintenance or utility expense to the Village.
Disadvantages:
• Ongoing annual payment obligation is tied to permit revenue.
• Limited control over daytime lot usage due to private property ownership.
Alternatives
Alternative 1
Approve the Resolution
Advantages:
• Maintains overnight parking availability in a high-demand area with limited off-street options.
• Provides continued revenue from parking permits.
• Requires no additional Village maintenance or utility expenses.
Disadvantages:
• Continues annual payment obligation based on permit revenue.
• Limited Village control over daytime operations due to private property ownership.
Alternative 2
The Board can elect not to approve the Resolution
Advantages:
• Eliminates the Village’s financial obligation for the annual license payment.
Disadvantages:
• This action reduces available overnight parking for residents.
• May create inconvenience and enforcement challenges for residents accustomed to parking in Lot 11.
• Potential loss of goodwill with the property owner and community members who rely on this location.
Anticipated Future Actions
If approved, staff will execute the agreement with 840 Oak Park, LLC and continue to monitor the financial performance of Lot 11 for potential inclusion in future renewal considerations.
Prepared By: Marlin Jackson, Parking and Mobility Services Manager
Reviewed By: Craig Failor, Development Services Director
Approved By: Kevin J. Jackson, Village Manager
Attachment(s):
1. Resolution
2. Parking Lot License Agreement
3. Resolution 23-374 Renewal 840 Oak Park LLC Parking Agreement 2024
4. Original Parking Lot License Agreement
5. Signed 2026 Agreement