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A Resolution to Authorize the Execution of a Purchase and Sales Agreement with the Cook County Land Bank Authority to Acquire the Property at 6336-38 Roosevelt Road
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Introduction
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The purpose of this agenda item is to authorize the Village's acquisition of 6336-38 Roosevelt Road (16-17-324-036-0000).
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Recommended Action
Staff recommends the Board of Trustees approve the resolution to execute the Purchase and Sale Agreement (PSA) and authorize the acquisition of the property.
Prior Board Action
There are no prior board actions associated with this agenda item.
Background
In September 2024, Staff presented an opportunity to the Board of Trustees to acquire the subject property from the Cook County Land Bank Authority ("CCLBA") for the purposes of blight remediation and economic development in alignment with the Board of Trustees' goals related to:
Community Affordability
a. Reduce economic barriers via an affordability mandate (10%, 20%, 50%+)
b. Increase supply of affordable units for purchase via deed restrictions
c. Leverage county abatements to enhance affordability for owner-occupied units
Vibrant, Diverse, and Connected Neighborhoods
a. Strengthen the connection between neighborhoods and business districts via mixed-use and mixed-income development strategy
b. Advance the "15-minute village" development strategy
Sustainability and Resiliency
a. Implement Climate Action Plan via LEED certification, electrification, sustainable materials, and reduced parking
Economic Vitality
a. Implement the Village's vision and plan for the redevelopment of the Roosevelt Rd. Corridor
b. "Built-in consumers" to support local businesses, grow organizational capacity, and increase the vibrancy of Roosevelt Rd. Business District.
c. Provide modern retail suites to improve the viability of future small businesses
Following the presentation, the Board of Trustees authorized Staff to begin negotiations with the CCLBA ...
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