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Concur with the Historic Preservation Commission and Adopt a Resolution Supporting and Consenting to Approval of Cook County Class L Classification for the Rehabilitation of the Building Located at 1144 Lake Street, Oak Park, Illinois
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Introduction
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Nicholas P. Karris, on behalf of the owner of the Marshal Fields and Company building located at 1144 Lake Street, is applying for a Cook County Class L real estate tax assessment incentive that offers financial benefits to property owners undertaking substantial rehabilitation of landmarked buildings. In order to receive a Class L assessment designation, the municipality in which the real estate is located must, by lawful ordinance or resolution, state (1) that the incentive is necessary for the substantial rehabilitation, (2) that it supports the granting of the incentive, and (3) that it has reviewed and accepted its Preservation Commission's recommendation of the project. This resolution would provide Village support for the Class L request and is a companion item to the Landmark Designation Ordinance and the attached Economic Incentive Agreement.
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Recommended Action
Adopt the Resolution.
Prior Board Action
On September 6, 2022, the Village Board approved an economic incentive agreement with 1144 Lake Street LLC for a new grocery store- Dom's Kitchen & Market. However, the Dom's Kitchen & Market grocery store did not move forward.
Background
Village staff and the Village's consultant conducted an Economic Impact Analysis to determine the feasibility of the Cook County Class L designation. The analysis also contemplated a sales tax rebate to the developer for the municipal and home rule sales taxes generated by the new Barnes & Noble Bookstore. However, the owner has since withdrawn its request for a sales tax rebate and is only requesting a Class L incentive at this time.
As noted above, in 2022, the Village Board approved an Economic Incentive Agreement...
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