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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 #: RES 24-374    Name:
Type: Resolution Status: Consent Agenda
In control: President and Board of Trustees
On agenda: 12/3/2024 Final action:
Title: A Resolution Approving the Renewal of a Parking Lot License Agreement with 840 Oak Park, LLC for a One-Year Term and Authorizing Its Execution
Attachments: 1. Resolution, 2. Parking Lot License Agreement Renewal, 3. RES 23-364_Z_120423 Renewal 840 Oak Park LLC Parking Lot Agreement, 4. Parking Lot License Agreement
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Submitted By                     

Emily A. Egan, Development Services Director

 

Reviewed By

A.M. Zayyad, Deputy Village Manager

 

Agenda Item Title

Title

A Resolution Approving the Renewal of a Parking Lot License Agreement with 840 Oak Park, LLC for a One-Year Term and Authorizing Its Execution  

End

Overview

Overview

The Village historically enters into license agreements with entities in order to provide parking in areas where municipal-owned parking options are limited or unavailable and demand for parking exists. The proposed renewal of the license agreement would continue the Village’s ability to administer overnight parking permits within Lot 11, located on privately owned property at 726 Wesley Avenue.

End

 

Recommendation

Recommendation

Adopt the Resolution.

 

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 specifically for bank employees and customers. Active permit holders are allowed to park between 6 p.m. and 7:30 a.m., Monday through Saturday, and 24 hours on Sundays and legal bank Holidays.

 

Fiscal 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 payment of $4,800. Net receipts are determined by ascertaining annual gross receipts from the parking permit revenue and deducting any taxes assessed on the parking permits and paid by the Village. It’s important to note that the property owner will be responsible for all property maintenance and utility costs, including but not limited to landscaping, snow/ice removal, and electricity usage. Furthermore, the property owner is responsible for all property taxes assessed on the property.

 

The proposed FY 25 Parking Fund Budget includes adequate budget authority for the license agreement payment within account # 5060.43770.787.540707 (Parking Lots, Lot Rental Reimbursement).

 

DEI Impact

N/A

 

Alternatives

N/A

 

Previous Board Action

On December 4, 2023, the Village Board adopted RES 23-364, a Resolution approving a renewal of a parking lot license agreement with 840 Oak Park, LLC for a one-year term.

 

On February 6, 2023, the Village Board adopted RES 23-44, a Resolution approving a parking lot license agreement with 840 Oak Park, LLC for a one-year term with two optional one-year renewal terms.

 

Citizen Advisory Commission Action

N/A

 

Anticipated Future Actions/Commitments

N/A

 

Intergovernmental Cooperation Opportunities

N/A