Regular Village Board meetings are typically held at 7:00 p.m., the first three Tuesdays of each month in Council Chambers of Village Hall (room 201), 123 Madison St. When a Regular Meeting falls on a holiday, the meeting typically is held the following night. The Village Board also meets in special sessions from time to time. However, dates and times of Special Meetings can vary and may change.

File #: MOT 16-135    Name:
Type: Motion Status: Passed
In control: President and Board of Trustees
On agenda: 12/5/2016 Final action: 12/5/2016
Title: A Motion to Designate Jupiter Realty Company, LLC (Jupiter) as the Preferred Developer for the Redevelopment of 710-728 Madison Street as Recommended by the Oak Park Economic Development Corporation (Oak Park EDC) and Direct Staff to Negotiate a Redevelopment Agreement with Jupiter
Attachments: 1. Oak Park EDC Recommendation Jupiter, 2. FINAL Madison Oak Park RFP 9_16_16, 3. Jupiter Madison Street RFP Response, 4. Jupiter Update RFP, 5. Hammersley_Arch_MSR_RFP_101216

Submitted By                     

Tammie Grossman, Director Development Customer Services

 

Reviewed By

LKS

 

Agenda Item Title

Title

A Motion to Designate Jupiter Realty Company, LLC (Jupiter) as the Preferred Developer for the Redevelopment of 710-728 Madison Street as Recommended by the Oak Park Economic Development Corporation (Oak Park EDC) and Direct Staff to Negotiate a Redevelopment Agreement with Jupiter

 

End

Overview

Overview

The Village owns the property located at 710-728 Madison Street and the Oak Park EDC is recommending designating Jupiter as the Preferred Developer.

 

Body

Staff Recommendation

Approve the Motion

 

Fiscal Impact

It is anticipated that the Redevelopment Agreement will provide for the contribution of the Village owned property located at 710-728 Madison Street, the completion of the infrastructure and streetscape design for the Bend and any necessary environment remediation on Village owned property. All expenses are eligible Madison Street TIF expenses.

 

Background

On September 16, 2016, the Village of Oak Park issued a request for proposals (RFP) for the purchase 710-728 Madison Street. Two interested parties responded to the RFP. Oak Park EDC was asked to review the proposals and is recommending proceeding with Jupiter.

 

Alternatives

The Village Board could request that the Oak Park EDC conduct further evaluation.

 

Previous Board Action

On September 6, 2016, the Village Board directed staff to issue the Request for Proposals.

 

Citizen Advisory Commission Action

It is anticipated that the Developer will request zoning relief which will go before the Plan Commission.

 

Anticipated Future Actions/Commitments

Approval of a Redevelopment Agreement and review of Plan Commission Recommendations

 

Intergovernmental Cooperation Opportunities

NA

 

Performance Management (MAP) Alignment

A governance priority for Development Customer Services is Economic Development.