Submitted By
Jill Velan, Parking and Mobility Services Director
Reviewed By
LKS
Agenda Item Title
Title
A Resolution Approving a First Amendment to the Parking Facility Management Agreement Between the Village of Oak Park, WDF-3 Wood Oak Park Owner, LLC and SP Plus Corporation and Authorizing its Execution
End
Overview
Overview
The Village is in the process of finalizing the Vantage Development at the corner of Lake Street and Forest Avenue. To complete the financial transactions for the public parking garage portion of the project the Village and WDF-3 Wood Oak Park, LLC need to amend the agreement with SP Plus Corporation to Operate the Parking Garage.
Body
Staff Recommendation
Approve the Resolution.
Fiscal Impact
The FY16 adopted budget for the Parking Fund appropriated the necessary funds for operation of a new public parking garage in accordance with the Amended and Restated Redevelopment Agreement between the Village of Oak Park ("Village") and WDF-3 Wood Oak Park Owner, LLC.
Background
On December 7, 2015 the Village Board approved an agreement with WDF-3 Wood Oak Park Owner, LLC and SP Plus Corporation to operate the new public parking garage at 150 Forest Avenue. In finalizing the Vantage Development and complete the financial transactions for the public parking garage the Village needs to amend the agreement to remove the incentive fee and add an accounting fee in order to pursue tax-exempt bonds.
In accordance with the Redevelopment Agreement with Lake Street Investors, the Village and WDF-3 Wood Oak Park Owner, LLC completed a request for proposal (RFP) process and are recommending that an agreement be entered into with SP Plus to manage the 588 space public/private parking garage at 150 Forest Avenue schedule to open this month.
On August 4, 2011 as a part of the Regular Board meeting, the Village Board approved the Amended and Restated Redevelopment Agreement with Lake Street Investors that included certain provision for the jo...
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