Submitted By
Tammie Grossman, Director of Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
An Ordinance Approving a Redevelopment Agreement for the 700-728 Madison Street Redevelopment Project Consistent with the Oak Park Economic Development Corporation's (Oak Park EDC) Recommendation between the Village of Oak Park and Jupiter Realty Company, LLC (Jupiter), Oak Park Madison Street LLC (Pete's) and 711 Madison Senior Living, LLC and Authorizing its Execution
End
Overview
Overview
On October 29, 2018, the Board named Jupiter as the preferred developer based on the Oak Park EDC recommendation after their review of responses to the Village's Amended Request for Proposals dated May 25, 2018 and directed to negotiate a redevelopment agreement (RDA). Jupiter as preferred developer has control over non-Village owned property and is partnering with Pete's Fresh Market and Paragon to fully develop the Village owned site and the private parcels. Staff is now presenting the Redevelopment Agreement for the Board's review and consideration.
Body
Staff Recommendation
Approve the Ordinance.
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 De...
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