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 #: ORD 18-456    Name:
Type: Ordinance Status: Passed
In control: President and Board of Trustees
On agenda: 12/10/2018 Final action: 12/10/2018
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
Attachments: 1. Ordinance - Madison Street_Jupiter Realty_Pete_s Fresh Market(32515420_1), 2. Redevelopment Agreement with Jupiter Realty Company, Pete_s Fresh Market and Paragon(32362622_8), 3. First RFP 710-728 Madison 9_16_16, 4. Second RFP 700-728 Madison, 5. OPEDC 700-728 Madison Recommendation 10-23-18, 6. OPEDC 700-728 Madison Proposal Summary and Projections 10.23.18, 7. Jupiter's Original Response to 2nd RFP Proposal, 8. Jupiter Pete's Paragon Proposal
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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