Submitted By
Tammie Grossman, Director Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
An Ordinance Approving a Sales Tax Rebate Sharing Agreement with Gugly, Inc. and Authorizing its Execution for the Redevelopment of the Property Located at 1 Lake Street (previous address 412 N. Austin) Consistent with the Recommendations of the Oak Park Economic Development Corporation (Oak Park EDC)
End
Overview
Overview
The Oak Park EDC is recommending that the Village enter into a Sales Tax Sharing agreement with Pioneer Property to redevelop the property located at 1 Lake Street (previous address 412 N. Austin Boulevard) into a restaurant. The owner changed the address for branding purposes.
Body
Staff Recommendation
Adopt the Ordinance
Fiscal Impact
See attached recommendation.
Background
The Oak Park EDC has assisted Pioneer Property Advisors with marketing efforts since the company purchased 1 Lake Street (previous address 412 N Austin Boulevard)in 2012, with limited favorable response. The restaurant concept as proposed will be a full service brew-pub, offering 144 seats on two levels with a rooftop deck/bar area. The Oak Park EDC is recommending to support the project with an incentive payable in the form of an initial grant of $50,000 and a tiered rebate of future sales taxes generated by the proposed tenant, a full-service brewpub, or another similar operation.
Alternatives
Refer the matter back to the Oak Park EDC for additional information and/or further review.
Previous Board Action
This matter is before the Board for the first time.
Citizen Advisory Commission Action
N/A.
Anticipated Future Actions/Commitments
If the motion is approved, staff will finalize the development agreement and present to the Board for approval at a future date.
Intergovernmental Cooperation Opportunities
N/A.
Performance Management (MAP) Alignment
A governance priority for the Development Customer Service...
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