Submitted By
Jill Velan, Parking and Mobility Services Director
Reviewed By
LKS
Agenda Item Title
Title
A Resolution Approving an Amendment to the Project Budget for the Construction of the Public Portion of the Parking Garage at 150 Forest Avenue and the Use of Owner Contingency for Interest Costs for the Financing of the Project in the Amount of $30,000.00
End
Overview
Overview
On October 6, 2014 the Village Board approved a project budget for the new public parking garage. On May 18, 2015 the Village Board approved an amendment to the project budget for unforeseen utility costs. As we are nearing final completion of the Public Parking Garage an amendment related to interest costs for the project financing for the month of November 2016 in the amount of $30,000 is being requested. This will not increase the overall approved budget as funds are contained within the project contingency.
Body
Staff Recommendation
Approve the Resolution.
Fiscal Impact
The FY15 adopted budget anticipated the project expenditures related to the construction and 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. Further, pursuant to the 2011 Settlement Agreement for the Downtown Oak Park TIF District, the property tax increment generated by redevelopment of the Lake and Forest property can be used to capitalize the Village's infrastructure investment in the public portion of the garage.
Background
Items that require use of the contingency at this time are interest payments related to the financing of the project for the month of November 2016. The Project is anticipated to be completed by December 31, 2016. The Subdivision of the property and transfer to the Village is anticipated to happen by the end of January 2017.
On November 7, 2016 the Village Board approved the use of contingency for an interest payment on financing costs...
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