Submitted By
Tammie Grossman, Director Development Customer Services
Reviewed By
AMZ
Agenda Item Title
Title
A Resolution Approving a Sublease Agreement Between Oak Park Land II, LLC and the Village of Oak Park for Village Parking Lot 59 and Authorizing its Execution
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Overview
Overview
Historically, the Village has entered into a sublease agreement with U.S. Bank for the use of Lots 13, 59 and 96 for permit parking. Oak Park Land II, LLC purchased the three parcels in early 2021 from US Bank and entered into a sublease agreement with the Village to provide for Village-administered permit parking on the three parcels on a month-to-month basis. Oak Park Land II, LLC is developing lots 13 and 96. This sublease agreement with Oak Park Land II, LLC will permit the Village to continue to administer parking in Lot 59 through December 31, 2022 unless otherwise terminated earlier.
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Recommendation
Recommendation
Approve the Resolution.
Fiscal Impact
If approved, the Village would remit a maximum of $10,280 to Oak Park Land II, LLC in FY22. This assumes that Lot 59 would be at capacity for the entirety of the year. Oak Park Land II, LLC is responsible for paying any property taxes on the lot.
Background
As provided for in the existing sublease agreement, Oak Park Land II, LLC notified the Village of the discontinuation of parking at 835 Lake Street (Lot 13) and Lot 96 (824 North Blvd) effective July 1, 2021. 117 S. Kenilworth (Lot 59) continues to be utilized for permit parking.
Lot 59, located at the southwest corner of South Boulevard and Kenilworth Avenue, is comprised of twenty (20) 24-hour permitted parking spaces. The Village is required to remit 50% of the quarterly gross receipts from Lot 59 parking permit collections to Oak Park Land II, LLC.
Alternatives
Do not approve the resolution, ending the Village's authority to provide public parking at 117 S. Kenilworth (Lot 59).
Previous Board Action
On February 1, 2021, the Village Board approved...
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