Submitted By
Cara Pavlicek, Village Manager
Reviewed By
LKS
Agenda Item Title
Title
An Ordinance Authorizing the Purchase of Certain Real Property Located at 700 Madison Street in the Village of Oak Park
End
Overview
Overview
The Ordinance authorizes the purchase of the property located at 700 Madison Street from its current owner.
Body
Staff Recommendation
Approve the Ordinance.
Fiscal Impact
The property will be purchased for the price of $1,300,000.00 through the use of Madison Street Corridor TIF funds. The FY17 Madison TIF Fund has available funding appropriated for the purchase.
Background
Madison Street LLC has negotiated the purchase of the property located at 700 Madison Street for the purchase price of $1,300,000.00 with the current owner, Graymorre Leasing, pursaunt to a Real Estate Sale Agreement. The Ordinance contemplates that the Agreement would be assigned to the Village and the Village would then purchase the property from the current owner.
The property is contiguous to the Village owned property at the northesast corner of Oak Park and Madison Street which is identified for redevelopment. The Village ownership of the 700 Madison property would improve the Village’s current portfolio in the TIF District.
Alternatives
Not approve the Ordinance.
Previous Board Action
N/A.
Citizen Advisory Commission Action
N/A.
Anticipated Future Actions/Commitments
N/A.
Intergovernmental Cooperation Opportunities
N/A.
Performance Management (MAP) Alignment
N/A.