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A Resolution Approving a Parking Lot License Agreement with 840 Oak Park, LLC for a One-Year Term with Two One-Year Renewals and Authorizing Its Execution
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Introduction
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The Village historically enters into license agreements with private entities to provide parking in areas where municipal-owned parking options are limited or unavailable, and where demand for parking exists. The proposed renewal of the license agreement with 840 Oak Park, LLC would continue to allow the Village to administer overnight parking permits within Lot 11, located on privately owned property at 726 Wesley Avenue.
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Recommended Action
Adopt the Resolution.
Prior Board Action
The Board has taken the following prior action(s):
* On December 3, 2024, the Village Board adopted Resolution 23-374, approving the final one-year renewal option of the parking lot license agreement with 840 Oak Park, LLC
* On December 4, 2023, the Village Board adopted Resolution 23-364, approving the first one-year renewal option of the parking lot license agreement with 840 Oak Park, LLC.
* On February 6, 2023, the Village Board adopted Resolution 23-44, approving a one-year parking lot license agreement with 840 Oak Park, LLC, with two optional one-year renewal terms.
Background
The Village currently administers sixteen (16) overnight parking permits within Municipal Lot 11, located on privately owned property at 726 Wesley Avenue. The current tenant of this parcel is a Fifth Third Bank drive-through, and the property is owned by 840 Oak Park, LLC. During daytime hours, the parking lot is reserved exclusively for bank employees and customers. Active permit holders are allowed to park between 6:00 p.m. and 7:30 a.m., Monday through Saturday, and 24 hours on Sundays and legal bank holidays.
A new one-year license agreement allows the Village to continue providing high-demand overnight parking in this area for residents who lack off-street options.
Timing C...
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