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 17-255    Name:
Type: Ordinance Status: Passed
In control: President and Board of Trustees
On agenda: 9/5/2017 Final action: 9/5/2017
Title: An Ordinance Authorizing the Purchase of Certain Real Property Located at 700 Madison Street in the Village of Oak Park
Attachments: 1. Ordinance Purchase, 2. 700 Madison Map

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.