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A Resolution Authorizing the First Amendment to the Right of Reconveyance for Keystone Apartments
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Introduction
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The purpose of this agenda item is to allow for the financing deadline extension contained in the Right of Reconveyance for the Keystone Apartments project.
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Recommended Action
Approve the resolution.
Prior Board Action
The Board has taken the following prior action(s):
* ORD 26-109: On February 10, 2026, the Village Board approved an Ordinance Authorizing the Execution of a Development Agreement between the Village of Oak Park and Interfaith Housing Development Corporation
* RES 26-124: On February 10, 2026, the Village Board approved a resolution to Authorize the Execution of a Purchase and Sales Agreement with the Fellowship Christian Church to Acquire the Property at 1106 Madison Street
* ORD 25-171: On October 14, 2025, the Village Board approved an Ordinance Granting an Extension of a Special Use Permit for a Major Planned Development at the Property Located at 1106 Madison Street
* RES 25-111: On January 28, 2025, the Village Board approved a Resolution to Concur with the Housing Programs Advisory Committee's Recommendations and Adopt a Resolution Authorizing the Provision of Conditional Commitment Letters
* ORD 24-142: On July 30, 2024, the Village Board approved a Resolution to Concur with the Plan Commission and Adopt an Ordinance Granting a Special Use Permit for a Major Planned Development Containing a Five-Story Residential Building Consisting of 36 Dwelling Units at the Property Located at 1106 Madison Street
Background
Interfaith Housing Development Corporation has been working with the Village to develop Keystone Apartments at 1106 Madison Street over the last two years. This includes needed land use approvals and the Village's financial support in purchasing the site.
In February 2026, the Board approved a Development Agreement with Interfaith. This included provisions to tr...
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