Submitted By
Tammie Grossman, Director Development Customer Services
Reviewed By
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Agenda Item Title
Title
An Ordinance Authorizing the Execution of a First Amendment to Sales Tax Rebate Sharing Agreement with Gugly, Inc. for the Redevelopment of the Property Located at 1 Lake Street (formerly 412 North Austin Boulevard) by the Village of Oak Park, a Home Rule Unit of Government Consistent with the Recommendations of the Oak Park Economic Development Corporation (Oak Park EDC)
End
Overview
Overview
The Oak Park EDC previously recommended that the Village enter into a Redevelopment Agreement that included a Sales Tax Sharing agreement with Gugly, Inc. to redevelop the property located at 1 Lake Street (previous address 412 N. Austin Boulevard) into a restaurant. The Agreement provided that construction and completion of the restaurant would be no later than June 30, 2017. Gugly, Inc. is now requesting an extension to complete the restaurant. The Oak Park EDC is recommending adopting a First Amendment to the the Redevelopment Agreement extending the delivery date to March 31, 2018.
Body
Staff Recommendation
Adopt the Ordinance
Fiscal Impact
See attached recommendation.
Background
The Oak Park EDC had previously assisted Pioneer Property Advisors with marketing efforts since the company purchased 1 Lake Street (previous address 412 N Austin Boulevard)in 2012, with limited favorable response. Gugly, Inc now has a restaurant concept that will be a full service brew-pub, offering 144 seats on two levels with a rooftop deck/bar area.
On May 2, 2016 the Village Board concurred with the EDC's recommendation to support the project with an incentive payable in the form of an initial grant of $50,000 and a tiered rebate of future sales taxes generated by the proposed tenant, a full-service brewpub, or another similar operation. That Agreement was condition on the restaurant opening on June 30, 2017.
This agenda item is for an Amend...
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