Submitted By
Tammie Grossman, Director Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
A Resolution Approving a Parking Agreement Between OP Office Partners, LLC and the Village of Oak Park and Authorizing Its Execution
End
Overview
Overview
OP Office owns the property located at 1010 Lake Street. OP Office has sold the parking lot portion of 1010 Lake Street containing thirty-seven (37) parking spaces (hereinafter referred to as "Parking Lot") to Albion at Oak Park, LLC for the development of a new mixed used building and parking garage. This agreement allows OP Office to purchase thirty-seven (37) parking permits at Holley Court during the demolition and construction at 1000 Lake Street.
Body
Staff Recommendation
Approve the Resolution.
Fiscal Impact
The Village will collect the fees for the parking permits.
Background
On October 2, 2017, Albion Residential/Albion at Oak Park, LLC. was approved to develop a transit-oriented Planned Development in conformance with the Envision Oak Park Comprehensive Plan for an eighteen-story building with 265 residential rental dwelling units, 9,500 square feet of first floor commercial/retail space, 265 private bicycle parking stalls, and 235 private enclosed parking spaces. The applicant was awarded four allowances from the Zoning Ordinance; height, density, setbacks, and landscaping.
Albion at Oak Park, LLC. will be demolishing the existing structure at 1000 Lake Street and the parking lot which contains thirty-seven (37) parking spaces will not be available to the tenants of 1010 Lake Street during the demolition and construction.
Alternatives
Staff believes that Holley Court can absorb the thirty-seven (37) spaces and we do not recommend selling permits in any other location.
Previous Board Action
On October 2, 2017, the Village Board approved the Planned Development Ordinance.
On December 11, 2018, the Village Board approved an Ordinance Amending Ordinance Number 17-270 for the...
Click here for full text