Submitted By
Cara Pavlicek, Village Manager
Reviewed By
LKS
Agenda Item Title
Title
A Resolution Approving the Second Amended & Restated By-Laws of the Oak Park Economic Development Corporation (OPEDC)
Overview
Overview
Staff prepared amendments to the Operating Agreement with OPEDC and to the organization’s By-Laws to reflect changes to the operating relationship between the Village and OPEDC that have been identified as beneficial improvements to the newly configured OPEDC.
Staff Recommendation
Approve the Resolution.
Fiscal Impact
The recommended changes do not increase funding levels to the OPEDC. There are modifications proposed to the timing of grant payments made by the Village to the OPEDC which are intended to provide a more even cash flow. Additionally, for 2015 only, the recommended changes allow for the OPEDC to retain up to $60,000 in unspent grant payments for expensed related to property at 6049 North Avenue owned through a subsidiary corporation, SPA, Inc.
Background
The proposed Bi-Laws and Amended Operating Agreement was discussed during the Reinventing Government Committee of the Village Board.
On February 3, 2014, the Village Board authorized the execution of an agreement with the Oak Park EDC. The Agreement incorporated and reflected the Village Board’s consensus established at a Study Session held January 13, 2014, including:
• The agreement is for approximately a three and one-half year term thru August 31, 2017. This timing accomplishes the Board’s direction for a multi-year agreement and is also compatible with the Village’s annual budget cycle.
• Funding parameters for 2014 as well as future years to allow for hiring ramp up and a contribution requirement for the Oak Park EDC from the existing entity’s fund balance.
• Multi-year funding commitment of $721,500 for FY15, $721,500 FY16 and $481,000 for the eight months of the contract in FY17 (which is the annualized amount of the two prior years).
• The Agreement incorporates the Mission Statement and key activities to establish that the economic development efforts are for the purpose of:
Enhancing the quality of life and economic health of Oak Park by expanding its property tax base, increasing sales tax revenue and creating and retaining jobs in the Village.
Alternatives
The Village Board could defer action and seek additional information.
Previous Board Action
On February 3, 2014, the Village Board authorized the execution of the Operating Agreement with the OPEDC.
Citizen Advisory Commission Action
N/A.
Anticipated Future Actions/Commitments
N/A.
Intergovernmental Cooperation Opportunities
N/A.
Performance Management (MAP) Alignment
N/A.