Submitted By
Paul L. Stephanides, Village Attorney
Reviewed By
CLP
Agenda Item Title
Title
An Ordinance Approving the First Amendment to the Redevelopment Agreement between the Village of Oak Park and Sugar Beet Food Store Cooperative Dated February 2, 2015 and Authorizing its Execution
End
Overview
Overview
The Ordinance approves the First Amendment to the Redevelopment Agreement with Sugar Beet Food Store Cooperative regarding lender financing language contained in the Agreement.
Body
Staff Recommendation
Approve the Ordinance.
Fiscal Impact
N/A.
Background
The proposed First Amendment adds language to Section 19.21 of the Redevelopment Agreement. Section 19.21 provides for the the collateral assignment of the Redevelopment Agreement for construction financing purposes. The additional language would allow the collateral assignment of the Agreement for Sugar Beet's lender financing for the acquisition of machinery and equipment and start-up expenses. Additional language is also proposed to allow the subordination of the Village's contribution for the Sugar Beet project per the Redevelopment Agreement. The First Amendment will more readily allow Sugar Beet to obtain lender financing for these purposes.
Alternatives
Not approve the Ordinance.
Previous Board Action
The Village Boad approved the Redevelopment Agreement on February 2, 2015.
Citizen Advisory Commission Action
N/A.
Anticipated Future Actions/Commitments
N/A.
Intergovernmental Cooperation Opportunities
N/A.
Performance Management (MAP) Alignment
The Law Department does not yet participate in the MAP program.