Submitted By
Tammie Grossman, Director Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
An Ordinance Approving a Second Amendment to the Sales Tax Rebate Sharing Agreement with Gugly, Inc. for the Redevelopment of the Property Located at 1 Lake Street (formerly 412 North Austin Boulevard) Consistent with the Recommendation of the Oak Park Economic Development Corporation (Oak Park EDC) and Authorizing its Execution
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. Gugly, Inc. is now requesting an extension to complete the restaurant. The Oak Park EDC is recommending adopting a Second Amendment to the the Redevelopment Agreement extending the delivery date to December 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. The entity responsible for the development, Gugly, Inc now building out 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 (no more than $50,000 annually) generated by the proposed tenant, a full-service brewpub, or another similar operation. During years 1-4, the Developer is entitled to 100% of the Municipal Sales and Liquor tax generated not to exceed $50,000 per year. During Years 5-7, the Developer is entitled to 50% of the Munic...
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