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A Resolution to Give Staff the Authority to Issue a Waiver of the Requirements of Chapter 12, Article 3, Subsection 4e Of The Oak Park Village Code For The Oak Park Commons Cohousing Project
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Introduction
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Oak Park Commons Cohousing is seeking waiver of a requirement to hold 2% of the sales price of each unit in escrow for 15 months to support unexpected building repairs.
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Recommended Action
Adopt the resolution.
Prior Board Action
The Board has taken the following prior action(s):
* ORD 24-133: An Ordinance Granting an Extension of the Waiver and Suspension of the Right of Way Obstruction Permit Fee and Parking Obstruction Fee for the Planned Development Located at 839 Madison Street
* ORD 23-78: An Ordinance Waiving and Suspending the Right of Way Obstruction Permit Fee and Parking Obstruction Fee for the Planned Development Located at 839 Madison Street
* ORD 22-75: Concur with the Plan Commission's Recommendation and Adopt an Ordinance Granting a Special Use Permit for a Major Planned Development Containing a Five-Story Mixed Use Building Consisting of Residential Dwelling Units, Commercial Space and Parking at the Property Located at 839 Madison Street
Background
Chapter 12, Article 3 of the Village Code outlines standards related to condominiums and condominium conversions. Under subsection 4E, the developer of any condominium must place in escrow at the time of closing a sum equal to two percent (2%) of the total of each unit sale price. These funds are required to ensure that the individuals who live in the condominiums are protected against defects with the roof, foundation, external and supporting walls, and central heating system. Per the code, this amount must remain in escrow for at least 15 months.
The project contains 24 total units. Of that 24, 18 have been sold, and 6 remain for sale. With those sales, the association has collected $169,323 in escrow funds. Based on listing prices, th...
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