Submitted By
Tammie Grossman, Director Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
A Motion to Direct Staff to Prepare an Agreement between the Village and MEV Oak Park, LLC (MEV) Consistent with the Recommendation of the Oak Park Economic Development Corporation (Oak Park EDC).
End
Overview
Overview
MEV Oak Park, LLC (MEV), requested through the Oak Park Economic Development Corporation (Oak Park EDC) a sales tax sharing agreement to construct a new Sherwin Williams paint store at 901 Madison Street. The Oak Park EDC reviewed the request and is recommending that the Village enter into the sales tax sharing agreement in the amount of $75,000.
Body
Staff Recommendation
Direct staff to prepare an Agreement consistent with the terms recommended by the Oak Park EDC.
Fiscal Impact
The Oak Park EDC expects the project to generate over $900,000 in sales and property tax revenue over a fifteen year period, less the sales tax incentive.
Background
Oak Park EDC assisted the current owners of the 901 Madison site with marketing efforts for approximately three years with limited viable response. Oak Park EDC believes that the highest and best use for the site is a single-tenant, or possibly two-tenant, commercial building with on-site parking. The proposed project matches this profile.
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 prepare an Agreement for the Village Board’s review and consideration.
Intergovernmental Cooperation Opportunities
N/A.
Performance Management (MAP) Alignment
A governance priority for the Development Customer Service Department is Economic Development Management.