Submitted By
Emily A. Egan, Development Services Director
Reviewed By
A.M. Zayyad, Deputy Village Manager
Agenda Item Title
Title
A Resolution Approving the Renewal of a Parking Lot License Agreement with 840 Oak Park, LLC for a One-Year Term and Authorizing Its Execution
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Overview
Overview
The Village historically enters into license agreements with entities in order to provide parking in areas where municipal-owned parking options are limited or unavailable and demand for parking exists. The proposed renewal of the license agreement would continue the Village's ability to administer overnight parking permits within Lot 11, located on privately owned property at 726 Wesley Avenue.
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Recommendation
Recommendation
Adopt the Resolution.
Background
The Village currently administers sixteen (16) overnight parking permits within Municipal Lot 11, located on privately owned property at 726 Wesley Avenue. The current tenant of this parcel is a Fifth-Third Bank drive-through and the property is owned by 840 Oak Park, LLC. During daytime hours, the parking lot is reserved specifically for bank employees and customers. Active permit holders are allowed to park between 6 p.m. and 7:30 a.m., Monday through Saturday, and 24 hours on Sundays and legal bank Holidays.
Fiscal Impact
Pursuant to the License Agreement, the Village shall pay an amount equal to 50% of the Village's annual net receipts for the parking lot with a guaranteed payment of $4,800. Net receipts are determined by ascertaining annual gross receipts from the parking permit revenue and deducting any taxes assessed on the parking permits and paid by the Village. It's important to note that the property owner will be responsible for all property maintenance and utility costs, including but not limited to landscaping, snow/ice removal, and electricity usage. Furthermore, the property owner is responsible for all property taxes assessed on the property.
The proposed FY 25 Parking Fund Budget...
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