Submitted By
Tammie Grossman, Director of Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
Motion to Concur with the Oak Park Economic Development Corporation (Oak Park EDC) Recommendation to Name Jupiter Realty Company, LLC (Jupiter) as the Preferred Developer for 700-728 Madison and Direct Staff to Negotiate a Redevelopment Agreement.
End
Overview
Overview
After reviewing responses to the Village's Amended Request for Proposals dated May 25, 2018, the Oak Park EDC is recommending that the Village name Jupiter Realty Company as the preferred developer for the Village Owned parcels at 700-728 Madison. If approved, staff will negotiate a redevelopment agreement (RDA) and present it to the Village Board for approval at a later date.
Body
Staff Recommendation
Discussion.
Fiscal Impact
The Oak Park EDC provided the attached financial analysis of the 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.
Between 2001 and 2005, the Village purchased the properties located at 710-728 Madison for a total for $2,206,500. After acquisition and demolition of existing structures, the Village has operated a parking lot on the site. In 2009, the Village entered into a lease with Fenwick High School. In anticipation of a proposed development, the Village did not renew its lease with Fenwick for the 2018-2019 school year.
On September 16, 2018, the Village issued an RFP for the property at 710-728 Madison and on December 5, 2016, Jupiter Realty Company was named the preferred developer. The RDA between the Village and Jupiter, for the 710-728 Madison properties, was never finalized.
Subsequently, on November 2, 2017, the Village acquired the adjacent parcel at 700 Madison (Former CarX) for the purchase price of $1.2 mil...
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