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A Resolution Approving a First Amendment to the Limited Environmental Indemnity Agreement Between 427 Madison, LLC. and the Village of Oak Park for the Property located at 427 Madison Street and Authorizing its Execution
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Introduction
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In 2017, the Village entered into a Limited Environmental Indemnity Agreement with the owner of the property at 427 Madison Street to allow for contamination to remain in the public right-of-way (ROW) from the former gas station. Per the original agreement, the property owner is responsible for potential future costs associated with the testing, removal, and disposal of contaminated soils in the ROW for Village construction or maintenance projects. In consideration of a one-time cash payment of $30,000, the current owner is requesting to amend the agreement to no longer be financially responsible for these environmental-related costs for Village projects.
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Recommended Action
Adopt the Resolution.
Prior Board Action
The Board has taken the following prior action:
* The Village Board approved an Ordinance Granting a Special Use Permit to Construct Townhouses in the MS - Madison Street Zoning District at 427 Madison Street on June 18, 2024 (ORD 24-129)
* The Village Board approved an Ordinance approving a Highway Authority Agreement and an Environmental Indemnity Agreement between Second Century Enterprises, Inc. and the Village of Oak Park for the property located at 427 Madison Street on April 17, 2017 (ORD 17-194)
Background
In 2017, the Village approved a Highway Authority Agreement (HAA) and a Limited Environmental Indemnity Agreement with the property owner of 427 Madison Street. The 427 Madison Street property was a former gas station that had a leaking underground storage tank which released contamination into the soil over time. Following an environmental site investigation by the property owner, it was determined that soil contamination spread into the pu...
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