Submitted By
Cara Pavlicek, Village Manager
Reviewed By
LKS
Agenda Item Title
Title
Discuss the Issuance of the Request for Proposals for the Purchase and Redevelopment of Village Owned Property at 700-728 Madison Street located within the Madison Street Business Corridor Tax Increment Finance (TIF) District
End
Overview
Overview
Trustee Boutet and Trustee Andrews have asked for a review of the Request for Proposals issued on May 23, 2018 and revised on May 25, 2018 for the Village owned property at 700-728 Madison Street.
Body
Staff Recommendation
Discussion.
Fiscal Impact
The Oak Park EDC will provide a financial analysis of any proposals.
Background
Pursuant to State Law, property owned by a Village and located within the boundaries of a TIF District may only be conveyed or sold following public disclosure of all proposals received in response to a competitive Request for Proposal (RFP) process. Staff is recommending issuance of an RFP for the Village owned properties at 700-728 Madison in May. The RFP would be issued and available for response for approximately 45 days prior to review and recommendation for designation of a preferred developer in July/August of 2018.
The Village previously issued an RFP for the property at 710-728 Madison and Jupiter Realty Company was named the preferred developer. Subsequently, the Village acquired the adjacent parcel at 700 Madison (a former CarX) and therefore, it is recommended that the Village issue a new RFP for the properties on the north side of Madison between Oak Park Avenue and Euclid. At this time a Redevelopment Agreement between the Village and Jupiter has yet to be finalized for the 710-728 Madison properties and therefore, with the acquisition of an adjacent parcel, staff has communicated with Jupiter that it is recommended the Village issue a new RFP for the combined parcels and that following this new process, the Village Board may elect to supersede prior actions related to the designat...
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