Submitted By
Steve Drazner, CFO
Reviewed By
A.M. Zayyad, Deputy Village Manager
Agenda Item Title
Title
A Resolution Approving a Funding Grant Agreement Between the Village of Oak Park and the Park District of Oak Park in an Amount Not to Exceed $1,000,000 and Authorizing its Execution
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Overview
Overview
The Village Board previously approved a $1,000,000 Funding Grant Agreement for the Park District of Oak Park pursuant to Resolution 22-83 adopted by the Board on April 11, 2022.
It was the understanding at the time that it was the intent of the Park District to request an additional funding amount for a second distribution of ARPA funds of $1,000,000 in 2023, thus bringing the total ARPA funding request from the park district to $2,000,000.
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Recommendation
Recommendation
Adopt the Resolution.
Background
The Park District of Oak Park is another unit of local government that serves an important purpose for the community. The requested ARPA funding will be used towards the expenditures as outlined in the attached Agreement.
The attached Agreement between the Village and the Park District of Oak Park is included for formal Board approval in conjunction with the Resolution which will allow the Village Manager to execute the Agreement for the second funding installment payment. The park district, as a recipient of Village ARPA funds, will be responsible for financial reporting back to the Village. The Village, in turn, must report this data and information to the US Department of the Treasury.
The schedule below summarizes all ARPA draw-downs and obligations to date:
Fiscal Impact
A draw-down of $1,000,000 from ARPA Fund reserves.
DEI Impact
N/A
Alternatives
Not provide an additional $1M to the Park District.
Previous Board Action
Resolution 22-83 was adopted on April 11, 2022.
Citizen Advisory Commission Action
N/A
Anticipated Future Actions/Commitments
N/A
Intergovernmental Cooperation Opportunities
N/A