Submitted By
Tammie Grossman, Director of Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
An Ordinance Approving a Real Estate Purchase Agreement for the Property at 6641-43 North Avenue, Oak Park, Illinois between the Village of Oak Park and OKLO IKAYA, LLC and Authorizing its Execution
End
Overview
Overview
On November 19, 2018, the Village Board approved a recommendation by the Oak Park Economic Development Corporation (Oak Park EDC) to authorize the sale of Village owned property at 6641-43 North Ave, Oak Park, Illinois to OKLO IKAYA, LLC. The attached Real Estate Purchas Agreement outlines the terms of the sale and is presented for approval.
Body
Staff Recommendation
Adopt the Ordinance.
Fiscal Impact
The Village receives $20,000 for the property.
Background
On August 1, 2014, the Village entered into a warranty deed in lieu of foreclosure for the purchase of 6641-43 North Ave, Oak Park, Illinois. After acquiring the property, the Village contracted to demolish the building and perform necessary environmental clean-up for a total of $206,956.25.
The Village engaged the services of a Real Estate Broker to list the property for sale. On May 3, 2016, the Village entered into a broker agreement with David King & Associates which expired May 3, 2017. The property was listed for a sale price of $145,000. The Village received no offers.
On August 28, 2017, Oak Park EDC recommended that the Village issue a Request for Proposals (RFP) for the purchase of the property. On October 11, 2017, the Village issued the Request for Proposals. The Village received two responses to the proposal. (See attached proposals). The Oak Park EDC is recommended that the Village accept the proposal from 2 Fools Cider.
On February 5, 2018, the Board approved the recommendation to designate 2 Fools Cider as the preferred developer. 2 Fools Cider withdrew their proposal.
On October 5, 2018, the Village received a purchase offer from Orson and Keri Morrison and the Oak Park EDC is recommending moving forward with that offer.
Alternatives
Issue a new Request for Proposals. Pursuant to 1-1-16 of the Village Code, there is no requirement to issue another Request for Proposals.
Previous Board Action
On July 21, 2014, the Village Board Authorized the Acceptance of a Warranty Deed in Lieu of Foreclosure for the property commonly known as 6641-43 North Ave., Oak Park, Illinois.
On July 6, 2015, the Village Board approved a Resolution Authorizing the Execution of an Independent Contractor Agreement with Alpine Demolition Services in the amount of $133,000.
On December 7, 2015, the Village Board authorized a change order for the independent contractor agreement with Alpine Demolition Services in the amount of $76,827.
On May 2, 2016, the Village Board approved the broker agreement with David King & Associates.
On February 5, 2018, the Village Board designated 2 Fools Cider as the preferred developer for a 75 day period.
On November 19, 2018, the Village Board approved a motion to designate Orson and Keri Morrison as the new preferred developers of the Village owned property at 6641-43 North Ave. Oak Park, Illinois as Recommended by the Oak Park Economic Development Corporation (Oak Park EDC) and direct staff to negotiate a redevelopment agreement.
Citizen Advisory Commission Action
NA
Anticipated Future Actions/Commitments
Village staff will negotiate a Redevelopment Agreement and present to the Village Board for approval.
Intergovernmental Cooperation Opportunities
NA
Performance Management (MAP) Alignment
A governance priority for Development Customer Services is economic development.