Submitted By
Tammie Grossman, Director of Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
An Ordinance Approving a First Amendment to the Redevelopment Agreement for the 700-728 Madison Street Redevelopment Project between the Village of Oak Park, Jupiter Realty Company, LLC (Jupiter), Oak Park Madison Street LLC (Pete's) and AH Oak Park, LLC and Authorizing its Execution
End
Overview
Overview
On December 10, 2018, the Village Board approved a Redevelopment Agreement for the 700-728 Madison Street Redevelopment Project Consistent with the Oak Park Economic Development Corporation's (Oak Park EDC) Recommendation Between the Village of Oak Park and Jupiter Realty Company, LLC (Jupiter), Oak Park Madison Street LLC (Pete's) and 711 Madison Senior Living, LLC. The parties are now seeking to amend the Redevelopment Agreement to update the project milestone dates, substitute AH Oak Park, LLC for 711 Madison Senior Living, LLC and update concept plan exhibits.
Body
Staff Recommendation
Approve the Ordinance.
Fiscal Impact
The Oak Park EDC provided the attached financial analysis of the proposals.
Background
The parties are seeking to amend the Redevelopment Agreement to update project milestone dates, substitute in AH Oak Park, LLC for 711 Madison Senior Living, LLC and update concept plan exhibits. As Pete's began to design the new store for Oak Park, they determined that the project would benefit from the inclusion of additional parking. In order to meet the projected parking demand, Pete's is seeking to amend the project milestone dates and update the concept plan to increase parking by building beneath the store and removing the small stand-alone retail component. These changes will enable Pete's to save a portion of the north Foley Rice building fa?ade.
Additionally, Paragon Development Partners (Paragon) had originally partnered with Essex Communities to create 711 Madison Senior Living, LLC to develop the senior housing com...
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