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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 16-040    Name:
Type: Ordinance Status: Passed
In control: President and Board of Trustees
On agenda: 5/2/2016 Final action: 5/2/2016
Title: An Ordinance Approving a Sales Tax Rebate Sharing Agreement with Gugly, Inc. and Authorizing its Execution for the Redevelopment of the Property Located at 1 Lake Street (previous address 412 N. Austin) Consistent with the Recommendations of the Oak Park Economic Development Corporation (Oak Park EDC)
Attachments: 1. Pioneer Property Advisors_Term Sheet_1.11.16, 2. Ordinance - Pioneer_Gugly (1 Lake Street f_k_a 412 North Austin Boulevard)(26269287_3), 3. Agreement-Gugly Inc d_b_a Pioneer Property Advisors Sales Tax Agreement(26067885_6)

Submitted By                     

Tammie Grossman, Director Development Customer Services

 

Reviewed By

LKS

 

Agenda Item Title

Title

An Ordinance Approving a Sales Tax Rebate Sharing Agreement with Gugly, Inc. and Authorizing its Execution for the Redevelopment of the Property Located at 1 Lake Street (previous address 412 N. Austin) Consistent with the Recommendations of the Oak Park Economic Development Corporation (Oak Park EDC)

 

End

Overview

Overview

The Oak Park EDC is recommending that the Village enter into a Sales Tax Sharing agreement with Pioneer Property to redevelop the property located at 1 Lake Street (previous address 412 N. Austin Boulevard) into a restaurant. The owner changed the address for branding purposes.

 

Body

Staff Recommendation

Adopt the Ordinance

 

Fiscal Impact

See attached recommendation.

 

Background

The Oak Park EDC has 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. The restaurant concept as proposed will be a full service brew-pub, offering 144 seats on two levels with a rooftop deck/bar area. The Oak Park EDC is recommending 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.

 

Alternatives

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

 

Previous Board Action

This matter is before the Board for the first time.

 

Citizen Advisory Commission Action

N/A.

 

Anticipated Future Actions/Commitments

If the motion is approved, staff will finalize the development agreement and present to the Board for approval at a future date.

 

Intergovernmental Cooperation Opportunities

N/A.

 

Performance Management (MAP) Alignment

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