Submitted By
Tammie Grossman, Director Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
Motion to Direct Staff to Issue a Request for Proposals for the Purchase and Redevelopment of Village Owned Parking lots at 710-728 Madison Street Consistent with the Recommendations of the Oak Park Economic Development Corporation (Oak Park EDC)
End
Overview
Overview
The purpose of the Request for Proposals (RFP) is to solicit development interest in the purchase and redevelopment of the parking lots at 710-728 Madison Street.
Body
Staff Recommendation
Direct staff to release the Request for Proposals.
Fiscal Impact
The Oak Park EDC will provide a financial analysis of any proposals.
Background
Between 2001 and 2005, the Village purchased the properties located at 710-728 Madison for a total for $2,206,500. After acquisition and demolotion of existing structures, the Village has operated a parking lot on the site. In 2009, the Village entered into a lease with Fenwick High School. We currently sell permits to Fenwick High School for use by students.
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 work with Oak Park EDC to prepare the documents necessary to issue the Request for Proposals.
Intergovernmental Cooperation Opportunities
N/A.
Performance Management (MAP) Alignment
A governance priority for the Development Customer Service Department is Economic Development Management.