Submitted By
Emily A. Egan, Development Services Director
Reviewed By
Erin E. Baynes, Assistant to the Village Manager
Agenda Item Title
Title
An Ordinance Approving a Sixth Amendment to the Redevelopment Agreement for the 700-728 Madison Street Redevelopment Project between the Village of Oak Park, Jupiter Realty Company, LLC, Oak Park Madison Street, LLC (Pete's), and AH Oak Park, LLC and Authorizing Its Execution
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Overview
Overview
Due to delays caused by the COVID-19 pandemic and other factors as explained by the applicant, Oak Park Madison Street, LLC seeks an amendment to the Redevelopment Agreement to extend the completion date of the Pete's Fresh Market store from June 30, 2024 to sixteen (16) months after the "Permit Date" as defined in the Sixth Amendment.
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Recommendation
Recommendation
Adopt the Ordinance
Background
Due to delays caused by the COVID-19 pandemic, supply chain issues, and the relocation of utilities, Oak Park Madison, LLC, seeks to amend the Redevelopment Agreement to update project milestone dates for the construction and opening of Pete's Fresh Market. To date, the developer has demolished the building and secured permits for the relocation of ComEd, AT&T, Nicor, and the Village water/sewer system from the Village's public right of way on Euclid Avenue.
Between 2001 and 2005, the Village purchased the properties located at 710-728 Madison for redevelopment of a future parking lot for a total of $2,206,500. The parking lot was leased to Fenwick High School in 2009. In anticipation of the site's redevelopment, that lease was not renewed in 2018-2019.
On May 18, 2018, the Village issued a Request for Proposal (RFP) for the properties on the north side of Madison between Oak Park Avenue and Euclid. On May 25, 2018, the Village issued an amended RFP extending the due date to July 6, 2018. This amendment clarified the Village's potential willingness to allow a cul-de-sac at Euclid Avenue as it had acquired the parce...
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