Submitted By
Tammie Grossman, Director of Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
An Ordinance Authorizing the Execution of a Third Amendment to Redevelopment Agreement - Lake Street / Westgate / North Boulevard Site and 1118 Development Agreement by the Village of Oak Park, a Home Rule Unit of Government
End
Overview
Overview
The Third Amendment is necessary as part of the Village's asbestos abatement at 1118 Westgate and as a part of the Developer's work related to 1118 Westgate. The Third Amendment allows for the Village and the Developer to proceed work with in the alleys near 1118 Westgate and with ComEd for project required facilities prior to the project's Real Estate Closing at the end of October 2015.
Body
Staff Recommendation
Adopt the Ordinance.
Fiscal Impact
As part of the original Redevelopment Agreement, the Village agreed to be responsible for the costs associated with the asbestos removal and alley construction.
Background
In 2007, following a detailed Request for Qualifications (RFQ) process for the development of the Colt Westgate Site the Village entered into negotiations with Clark Street Developers. In 2008, Clark Street Developers were named the Preferred Developer for the Colt Site. Since that time there has been a focused effort by a group representing Village staff, the Village Board and Oak Park Economic Development Corporation (referred to as the Village's Economic Development Team) to work in partnership with Clark Street to identify the highest and best use for the site.
Following past protocols, a Request for Alternative Proposals was submitted to the development community. No alternative proposals were received and this was reported to the Village Board at the June 17, 2013 Regular Meeting of the Board of Trustees. At this time, the Board provided staff with instructions to begin to negotiate a Development Term Sheet that would provide a broad understandin...
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