Submitted By
Tammie Grossman, Director of Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
An Ordinance Approving an Amendment to the Real Estate Purchase Agreement for the Property at 6641-6643 North Avenue, Oak Park, Illinois between the Village of Oak Park and OKLO IKAYA, LLC and Authorizing its Execution
End
Overview
Overview
On November 19, 2018, the Village Board approved a recommendation by the Oak Park Economic Development Corporation (Oak Park EDC) to authorize the sale of Village owned property at 6641-43 North Ave, Oak Park, Illinois to OKLO IKAYA, LLC. Based on a recommendation from the Oak Park EDC, an amended Real Estate Purchase Agreement is being presented with decreases the purchase price to $1.00 and provides for a $45,000 incentive to the purchaser.
Body
Staff Recommendation
Adopt the Ordinance.
Fiscal Impact
The Village will receive $1.00 for the property and the purchaser will receive an incentive in the amount of $45,000. A budget amendment will need to be presented at a future board meeting for the incentive.
Background
On August 1, 2014, the Village entered into a warranty deed in lieu of foreclosure for the purchase of 6641-43 North Ave, Oak Park, Illinois. After acquiring the property, the Village contracted to demolish the building and perform necessary environmental clean-up for a total of $206,956.25.
The Village engaged the services of a Real Estate Broker to list the property for sale. On May 3, 2016, the Village entered into a broker agreement with David King & Associates which expired May 3, 2017. The property was listed for a sale price of $145,000. The Village received no offers.
On August 28, 2017, Oak Park EDC recommended that the Village issue a Request for Proposals (RFP) for the purchase of the property. On October 11, 2017, the Village issued the Request for Proposals. The Village received two responses to the proposal. (See attached proposals). The Oak Park EDC is recommended th...
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