Submitted By
Tammie Grossman, Director of Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
A Resolution Approving an Updated Development Project Budget for the South and Harlem Development
End
Overview
Overview
Pursuant to the Redevelopment Agreement (RDA) between the Village of Oak Park and OP South Boulevard LLC, the parties agreed that the Village would use the funds paid by the developer for the purchase of the Village owned property for the following costs: Site Demolition and Preparation, Environmental Construction and Underground Obstructions and Alley Improvements. At the time of the RDA negotiations those numbers were not known. The parties have now reached agreement on the budget.
Body
Staff Recommendation
Approve the Resolution
Fiscal Impact
The estimated budget for this project is as follows:
4003-43780-101-530667 - Environmental Remediation, Site Demolition and Utility Relocation total amount $482,270.
5040-43750-781-570707 - Village share of the sewer installation $33,285
These items have been included in the third quarter budget amendment.
5040-43730-777-570707 - Village share of water main relocation $88,423. These items have been included in the third quarter budget amendment
3095-43780-101-570964 - Village share of design and construction of the north-south public alley east of the development site $109,938. These funds are already included in the FY2017 budget for this work.
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 Resolution
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 Bl...
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