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 19-68    Name:
Type: Ordinance Status: Passed
In control: President and Board of Trustees
On agenda: 9/3/2019 Final action: 9/3/2019
Title: An Ordinance Approving a First Amendment to the Redevelopment Agreement for the 700-728 Madison Street Redevelopment Project between the Village of Oak Park, Jupiter Realty Company, LLC (Jupiter), Oak Park Madison Street LLC (Pete's) and AH Oak Park, LLC and Authorizing its Execution
Attachments: 1. Ordinance - First Amendment, 2. First Amendment to Redevelopment Agreement, 3. FINAL EXECUTED RDA Version, 4. First RFP 710-728 Madison 9_16_16, 5. Second RFP 700-728 Madison, 6. OPEDC 700-728 Madison Recommendation 10-23-18, 7. OPEDC 700-728 Madison Proposal Summary and Projections 10.23.18, 8. Jupiter's Original Response to 2nd RFP Proposal, 9. 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 First Amendment to the Redevelopment Agreement for the 700-728 Madison Street Redevelopment Project between the Village of Oak Park, Jupiter Realty Company, LLC (Jupiter), Oak Park Madison Street LLC (Pete's) and AH Oak Park, LLC and Authorizing its Execution

End
Overview
Overview
On December 10, 2018, the Village Board approved 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. The parties are now seeking to amend the Redevelopment Agreement to update the project milestone dates, substitute AH Oak Park, LLC for 711 Madison Senior Living, LLC and update concept plan exhibits.

Body
Staff Recommendation
Approve the Ordinance.

Fiscal Impact
The Oak Park EDC provided the attached financial analysis of the proposals.

Background
The parties are seeking to amend the Redevelopment Agreement to update project milestone dates, substitute in AH Oak Park, LLC for 711 Madison Senior Living, LLC and update concept plan exhibits. As Pete's began to design the new store for Oak Park, they determined that the project would benefit from the inclusion of additional parking. In order to meet the projected parking demand, Pete's is seeking to amend the project milestone dates and update the concept plan to increase parking by building beneath the store and removing the small stand-alone retail component. These changes will enable Pete's to save a portion of the north Foley Rice building fa?ade.

Additionally, Paragon Development Partners (Paragon) had originally partnered with Essex Communities to create 711 Madison Senior Living, LLC to develop the senior housing com...

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