Submitted By
Tammie Grossman, Director Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
An Ordinance Approving an Agreement for Environmental Remediation Work for the Property Located at 940-970 Madison Street Between the Village of Oak Park and Lexington Homes L.L.C., Authorizing its Exeuction and Approving the Project Budget for Said Work in the Amount of $690,432.00
End
Overview
Overview
On December 11, 2018, the Board approved a Redevelopment Agreement for the property located at 940-970 Madison. On May 21, 2018, the Board approved the Planned Development Ordinance for the project. Lexington Homes, L.L.C. (Lexington) has completed environmental testing and Village staff has reviewed the scope and costs of the environmental remediation for the project contained within the Environmental Remediation Agreement. The parties anticipate that a real estate closing will occur in early fall 2018.
Body
Staff Recommendation
Approve the Ordinance
Fiscal Impact
The total project budget for the environmental work will not exceed $690,432.00 and is an eligible expense from the Madison Street TIF.
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 completed, pursuant to the agreement, D97 transferred ownership of 970 Madison to the Village of Oak Park. To complete assemblage of the block, on or about June 1, 2015, the Village purchased the Robinson's Ribs property located at 932-946 Madison for $495,000. On December 11, 2018 the Village Board approved a Redevelopment Agreement for Lexington to purchase the property. Lexington is now ready to begin environmental work and e...
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