Submitted By
Cara Pavlicek, Village Manager
Reviewed By
CLP
Agenda Item Title
Title
A Resolution Approving a Second Amendment to Settlement Agreement Between the Village of Oak Park, Oak Park and River Forest High School District Number 200 and Oak Park Elementary School District Number 97 and Authorizing its Execution
.Overview
Overview
The Village of Oak Park, School District 97 and School District 200 have determined that it is beneficial to all parties to recommend to their elected boards a second amendment to the Settlement Agreement for the Downtown TIF District that will address TIF eligible expenses related to the redevelopment of properties commonly referred to as the Colt-Westgate development.
Body
Staff Recommendation
Approval.
Fiscal Impact
The recommended agreement allows for the Village to utilize $3,000,000 from tax year 2014 Funds for eligible redevelopment project costs pursuant to Section 11-74.4-3(q) of the Tax Increment Redevelopment Allocation Act, 65 ILCS 5/11-74.4-3(q), related to environmental remediation and other related expenses for the Colt/Westgate redevelopment project which totaled in cost $3,033,700 generally located south of Lake Street, north of North Boulevard, east of Harlem Avenue in the Downtown TIF District.
Background
The Village of Oak Park, High School District Number 200 and Elementary School District 97 entered into a Settlement Agreement dated December 13, 2011 and subsequently adopted the First Amendment to Settlement Agreement in June 2013 related to the Downtown Tax Increment Financing (TIF) District.
The Second Amendment has been developed in order to assist the Village with large, one-time, unforeseen expenses in the Downtown TIF District related to environmental remediation of properties generally located south of Lake Street, north of North Boulevard, east of Harlem Avenue.
The School Districts are scheduled to present the Second Amendment for consideration to their respective Boards of Edu...
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