Submitted By
Tammie Grossman, Director Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
An Ordinance Approving an Right of Entry Agreement for the Property Located at 940-970 Madison Street Between the Village of Oak Park and Lexington Homes L.L.C. and Authorizing its Execution
End
Overview
Overview
On December 11, 2018, the Board approved a Redevelopment Agreement for the property located at 940-970 Madison. Lexington Homes, L.L.C. (Lexington) has completed environmental testing and Village staff has reviewed the scope and costs of the environmental remediation for the project. In order to begin construction as soon as the Real Estate closing is complete, the developer would like to begin environmental work and construct sales trailer. The parties anticipate that a real estate closing will occur in early fall 2018.
Body
Staff Recommendation
Approve the Ordinance
Fiscal Impact
There is no fiscal impact.
Background
The Village owns the property located at 940-970 Madison Street. On January 22, 2015, the Village entered into an Intergovernmental Agreement with Oak Park School District 97(D97). The terms of the agreement provided that the Village would transfer ownership of 260 Madison Street to D97 and pay for the construction of a new district administrative office on 260 Madison. Once the new administrative office was completed, pursuant to the agreement, D97 transferred ownership of 970 Madison to the Village of Oak Park. To complete assemblage of the block, on or about June 1, 2015, the Village purchased the Robinson’s Ribs property located at 932-946 Madison for $495,000. On December 11, 2018 the Village Board approved a Redevelopment Agreement for Lexington to purchase the property. Lexington is now ready to begin environmental work and expects to close on the property in early fall 2018.
Alternatives
The Village Board could decide to wait until the parties close on the property but it will delay the construction of the project.
Previous Board Action
On August 3, 2016, the Village Board directed staff to issue the Request for Proposals. On June 5, 2017, the Village Board designated Lexington as the Preferred Developer.
On September 5, 2017, (Res 17-638), the Village Board approved a Resolution approving a right of entry agreement with Lexington Homes, L.L.C. for performing survey work and environmental inspections at 940-970 Madison Street.
On December 11, 2018, (Ord 17-248), the Village Board approved a Redevelopment Agreement with Lexington Homes, LLC who was selected as the preferred developer for the subject property as a result of a Request for Proposal process.
On May 21, 2018, (Ord 18-365), the Village Board approved an Ordinance Granting a Special Use Permit for a major Planned Development containing 21 residential townhome units at the Property located at 932-970 Madison Street and (Ord 18-370) adopted an Ordinance approving the “Lexington at Oak Park” Plat of Subdivision
Citizen Advisory Commission Action
The Plan Commission conducted hearings and presented a final recommendation to the Village Board on May 21, 2018.
Anticipated Future Actions/Commitments
NA
Intergovernmental Cooperation Opportunities
NA
Performance Management (MAP) Alignment
A governance priority for Development Customer Services is Economic Development.