Submitted By
Tammie Grossman, Director Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
A Resolution Approving the Second Amended and Restated Operating Agreement with the Oak Park Economic Development Corporation (Oak Park EDC) and Authorizing its Execution
End
Overview
Overview
Staff prepared amendments to the Operating Agreement with Oak Park EDC to extend the contract due to expire August 31, 2017 to December 31, 2018, to update payment schedule to reflect extension and to update key economic development activities.
Body
Staff Recommendation
Approve the Resolution
Fiscal Impact
The recommended changes do not reflect increased funding levels, the 2017 Budget in line item 1001-46260-232-585652 has $721,500 budgeted for the Oak Park EDC. Any funding in 2018 would be subject to budget appropriations.
Background
On February 3, 2014, the Board authorized the execution of an agreement with the newly constituted Oak Park EDC. The Agreement incorporated and reflected the Village Board's consensus established at a Study Session held January 13, 2014, including:
1. The agreement was for approximately a three and one-half year term thru August 31, 2017. This timing accomplishes the Board's direction for a multi-year agreement and is also compatible with the Village's annual budget cycle. The Amendment presented extends this date through December 31, 2018.
2. Funding parameters for 2014 as well as future years to allow for hiring ramp up and a contribution requirement for the OPEDC from the existing entity's fund balance.
3. Multi-year funding commitment of $721,500 for FY15, $721,500 FY16 and $481,000 for the eight months of the contract in FY17 (which is the annualized amount of the two prior years). The Amendment extends the funding at $721,500 through FY18 subject to budget appropriation.
4. The Agreement incorporates the Mission Statement and key activities to establish that the economic development efforts are for the purpose ...
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