Submitted By
Tammie Grossman, Director Development Customer Services
Reviewed By
AMZ
Agenda Item Title
Title
A Resolution Approving an Extension of the Second Amended and Restated Operating Agreement with the Oak Park Economic Development Corporation (Oak Park EDC) and Authorizing its Execution
End
Overview
Overview
The Operating Agreement with Oak Park EDC is scheduled to expire on August 31, 2021. In order to align the scope of work contained in the contract operating with the Board Goals and to obtain input from the business community regarding Covid 19 recovery needs, staff is requesting an extension of the agreement until December 31, 2021.
Body
Staff Recommendation
Approve the Resolution
Fiscal Impact
The FY 21 Budget includes $521,500 in funding for FY 2021 for the Oak Park EDC (GL# 1001.46260.232.585652).
Background
The Oak Park EDC Operating Agreement was intentionally scheduled to expire on August 31, 2021, to allow for the new Village Board's goals to be incorporated into a new operating agreement. Staff is requesting that the contract be extended until December 31, 2021, to allow for additional time for the parties to seek the business community's input on needed support due to the Covid 19 pandemic.
The parties plan to meet with the Oak Park River Forest Chamber of Commerce and to survey the business community on their needs related to Covid 19 pandemic recovery. The parties plan to submit an updated contract in the third quarter of 2021 for the Board's review and approval
Alternatives
Decline renewal of the contract.
Previous Board Action
On July 17, 2017, the Village Board approved the Second Amended and Restated Operating Agreement with an expiration date of August 31, 2021.
On February 3, 2014, the Village Board authorized the execution of the Operating Agreement with the OPEDC. On November 16, 2015, the Village Board amended the Operating Agreement to modify the proposed timing of grant payments made by the Village to the ...
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