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 #: ORD 17-204    Name:
Type: Ordinance Status: Passed
In control: President and Board of Trustees
On agenda: 4/17/2017 Final action: 4/17/2017
Title: An Ordinance Approving a Third Amendment to the Redevelopment Agreement to the Redevelopment Agreement Between the Village of Oak Park and OP South Boulevard LLC and Authorizing its Execution
Attachments: 1. Third Amendment Ordinance, 2. Third Amendment
Submitted By
Tammie Grossman, Director of Development Customer Services

Reviewed By
LKS

Agenda Item Title
Title
An Ordinance Approving a Third Amendment to the Redevelopment Agreement to the Redevelopment Agreement Between the Village of Oak Park and OP South Boulevard LLC and Authorizing its Execution

End
Overview
Overview
The Third Amendment to the Redevelopment Agreement extends the timeframes set forth in the Redevelopment Agreement to accommodate changes to construction methods which necessitates the submittal of additional building plans.

Body
Staff Recommendation
Approve the Ordinance

Fiscal Impact
The Oak Park Econonmic Development Corporation prepared a fiscal analysis when the original development was presented to the Village Board for approval. This amendment does not change that analysis.

Background
This project is an 11-story, mixed-use structure with 250 residential units, 10,000 square feet of retail space and parking for about 450 vehicles. The project also will include five affordable units and a pedestrian walkway on what is now Maple Avenue, as the structure would span the street to connect two property parcels.

Alternatives
Not approve the amendment.

Previous Board Action
On August 28, 2013 the Village issued a Request for Proposals (RFP) for a Developer to develop the Village owned properties on South Blvd and Harlem Ave. The Village received 5 responses from developers. On December 16, 2013, the Economic Development Committee of the Board of Trustees was presented an overview of the development proposals received in response to the August 28, 2013 RFP. Staff was instructed to finalize the developer response review and present a recommendation to the full Board. The matter was then referred to the Oak Park EDC pursuant to the Village's contract with the Oak Park EDC.

In January 2014, the 5 responses were turned over to the Oak Park EDC for their recommendation. On July 21, 2014, the Board accepted the Oak Park EDC reco...

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