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 17-248    Name:
Type: Ordinance Status: Passed
In control: President and Board of Trustees
On agenda: 12/11/2017 Final action: 12/11/2017
Title: An Ordinance Approving a Redevelopment Agreement for the Property Located at 940-970 Madison Street Between the Village of Oak Park and Lexington Homes L.L.C. and Authorizing its Execution as Recommended by the Oak Park Econonmic Development Corporation (Oak Park EDC)
Attachments: 1. Ordinance - Lexington Homes(30217471_1), 2. Redevelopment Agreement with Lexington Homes (Madison Street)(29336909_6), 3. OPEDC Preferred Developer Reccomendation_940-970 Madison_5.1.17, 4. OAK PARK LAND PRICE REDUCTION LETTER 11.17.17, 5. OPEDC_Lexington Reduction Request LOS _940-970 Madison_11.16.17 (2)
Submitted By
Tammie Grossman, Director Development Customer Services

Reviewed By
CLP

Agenda Item Title
Title
An Ordinance Approving a Redevelopment Agreement for the Property Located at 940-970 Madison Street Between the Village of Oak Park and Lexington Homes L.L.C. and Authorizing its Execution as Recommended by the Oak Park Econonmic Development Corporation (Oak Park EDC)

End
Overview
Overview
On August 13, 2016 the Village Board directed staff to issue a Request for Proposals (RFP) for the Village owned property located at 940-970 Madison. The Oak Park EDC reviewed the proposals and recommended proceeding with negotiations with Lexington Homes. The parties have reached agreement on the terms of the redevelopment agreement. The developer is requesting a reduction in the purchase price to $965,000. Consistent with other Redevelopment Agreements, we have dedicated $210,000 to the Village's Affordable Housing Fund.

Body
Staff Recommendation
Approve the Motion

Fiscal Impact
It is anticipated that the Redevelopment Agreement will provide for the purchase of the Village owned property located at 940-970 Madison Street, the demolition of the existing structure and any necessary environment remediation on Village owned property. All expenses are eligible Madison Street TIF expenses. Lexington had proposed a purchase price of $1,050,000. They are now requesting a reduction to $965,000 which includes a $210,000 donation to the Village's Affordable Housing Fund. The Oak Park EDC is recommending that the Village accept the price reduction.

Background
The Village owns the property located at 940-970 Madison Street. On January 22, 2015, the Village entered into an Intergovernmental Agreement with Oak Park School District 97(D97). The terms of the agreement provided that the Village would transfer ownership of 260 Madison Street to D97 and pay for the construction of a new district administrative office on 260 Madison. Once the new administrative office was...

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