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 #: RES 18-936    Name:
Type: Resolution Status: Passed
In control: President and Board of Trustees
On agenda: 7/9/2018 Final action: 7/9/2018
Title: A Resolution Approving a Termination Agreement Concerning the Intergovernmental Lease Agreement by and between the Village of Oak Park and the Board of Education of Oak Park Elementary School District 97 and Authorizing its Execution
Attachments: 1. Resolution.pdf, 2. Termination Agreement, 3. Second Amendment to IGA, 4. D97 Extension Request March 28, 2018, 5. VOP-97-IGA Amendment 012218.pdf, 6. D97 Extension Request 12.29.17.pdf, 7. Lease Agreement
Submitted By
Lisa Shelley, Deputy Village Manager

Reviewed By
LKS

Agenda Item Title
Title
A Resolution Approving a Termination Agreement Concerning the Intergovernmental Lease Agreement by and between the Village of Oak Park and the Board of Education of Oak Park Elementary School District 97 and Authorizing its Execution

End
Overview
Overview
The Village and Oak Park Elementary School District 97 (SD97) previously entered into a Lease Agreement for the relocation of SD97 maintenance activities to the Public Works Center. SD97 has determined it will not relocate to the Public Works Center and has requested the Termination Agreement.

Body
Staff Recommendation
Approve the Resolution.

Fiscal Impact
Collectively, the previously approved IGAs provided for the Village and SD97 to trade 260 Madison (to SD97) and 970 Madison (to the Village) and for $6.4 million to be paid to SD97 from Madison Street TIF Fund for construction of the District's Administrative Building at 260 Madison as well as a 40-year rent-free lease of a portion of the Public Works Center for SD97 maintenance staff.

Background
Pursuant to the Memorandum of Understanding (MOU) approved by the Village Board on October 20, 2014, an Intergovernmental Agreement between the Village and SD97 was entered into in early 2015 which provided for the entities to exchange ownership of Village owned property at 260 Madison for SD97 owned property at 970 Madison in order to facility the economic redevelopment of underutilized properties in Madison TIF, the construction of an Administrative Facility for District 97 at 260 Madison and the relocation of SD97's warehouse/maintenance facility from 541 Madison Street to the Village's Public Works Center located 201 South Boulevard.

In February of 1995, the Village approved the Madison Street Business Corridor Tax Increment Financing Redevelopment Plan and Project Madison TIF District pursuant to the Tax Increment Allocation Redevelopment Project Act establis...

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