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 19-69    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 Business Incentives Agreement between the Village of Oak Park and CMV Development LLC ("CMV") to Provide Financial Incentives in the Amount of $50,000 to Complete Two Development Projects Located at 6555 and 6545 North Avenue Consistent with the Oak Park Economic Development Corporation's (Oak Park EDC) Recommendation And Authorizing Its Execution as Reviewed at the May 20, 2019 Regular Meeting
Attachments: 1. Ordinance - CMV Development(33844599_2), 2. Business Incentives Agreement - CMV Development LLC (6555 and 6545 North Avenue)(33832887_4), 3. Oak Park EDC Recommendation 04-30-19, 4. 6555 6545 North Ave Incentive Request, 5. East Elevation - Facing Adjacent Building, 6. North Elevation - Facing North Ave., 7. South Elevation - Facing Alley, 8. West Elevation - Facing East Avenue
Submitted By
Tammie Grossman, Director Development Customer Services

Reviewed By
LKS

Agenda Item Title
Title
An Ordinance Approving a Business Incentives Agreement between the Village of Oak Park and CMV Development LLC ("CMV") to Provide Financial Incentives in the Amount of $50,000 to Complete Two Development Projects Located at 6555 and 6545 North Avenue Consistent with the Oak Park Economic Development Corporation's (Oak Park EDC) Recommendation And Authorizing Its Execution as Reviewed at the May 20, 2019 Regular Meeting

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Overview
Overview
At the May 20, 2019 Regular Meeting the Village Board concurred with the Oak Park Economic Development Corporation to provide a financial incentive in the amount of $50,000 to CMV Development LLC to complete two development projects located at 6555 and 6545 North Avenue. The mixed-use project at 6555 North Avenue is currently under construction and will include 10 apartments along with 2,000 square feet of ground-level commercial space (6557 North Avenue). The residential project at 6545 North Avenue is proposed to include 15 apartments with groundbreaking scheduled for this summer.

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Recommendation
Recommendation
Approve the Motion

Body
Staff Recommendation
Same as above.

Fiscal Impact
If the Board approves a Business Incentive Agreement, staff prepares a budget amendment and the funding is taken from the fund balance.

Background
CMV purchased the 6555 North Avenue and 6545 North Avenue properties in August and December 2018, respectively, with intent to redevelop both sites. Residential units in both buildings are planned to be two-bedroom apartments averaging 1,100 sf. The commercial space in 6555 North Avenue is intended to be leased to a business relocating from River Forest. CMV and its investment partner have indicated that they will not move forward on the second project at this time without the requested financial support, owing to higher-than-expected costs and uncertain rent expecta...

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