Submitted By
Tammie Grossman, Director of Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
A Resolution Approving a Funding Grant Agreement between the Village of Oak Park and the TCB Oak Park LLC in the Amount of $500,000 for the Redevelopment of a Vacant Lot at 809 S. Oak Park Ave., Oak Park, Illinois and Authorizing Its Execution as Directed at the September 25, 2017 Special Meeting
End
Overview
Overview
At the September 25, 2017 Special Meeting the Village Board directed staff to issue a Request for Proposals (RFP) for projects to create or retain affordable housing options in the community utilizing funds held in the Village's affordable housing funds. On July 30, 2018, the Village Board approved the funding recommendations made by staff and the Housing Programs Committee (HPAC). This matter is to approve a funding grant agreement between the Village of Oak Park and the Community Builders, Inc. to create and operate an affordable housing transit oriented mixed-use development at 801 S. Oak Park Ave., Oak Park, Illinois.
Body
Staff Recommendation
Approve the Resolution
Fiscal Impact
The Village holds approximately $1,400,000, in an affordable housing fund awaiting approval for distribution to appropriate affordable housing projects/programs. The Village approved two allocations to Housing Forward in the amount of $598,108 leaving a remaining balance in the fund of approximately $800,000.
Background
The Village holds approximately $1,400,000, in an affordable housing fund awaiting approval for distribution to appropriate affordable housing projects/programs. The Funds were received as compensating benefits from residential and mixed-use land developers through a negotiated process associated with either a redevelopment agreement or planned development application, or both, in an effort to support affordable housing projects or programs. At the September 25, 2017 Special Meeting, the Village Board directed staff to issue a ...
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