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 #: RES 20-046    Name:
Type: Resolution Status: Passed
In control: President and Board of Trustees
On agenda: 2/3/2020 Final action: 2/3/2020
Title: A Resolution Approving a Funding Grant Agreement in the Amount of $260,000 with Icon Clark, LLC Consistent with the Recommendation of the Oak Park Economic Development Corporation (Oak Park EDC) and Authorizing its Execution
Attachments: 1. Resolution, 2. ICON Grant Agreement, 3. OP EDC 855 Lake Street Recommendation 01-10-20

Submitted By                     

Tammie Grossman, Director Development Customer Services

 

Reviewed By

LKS

 

Agenda Item Title

Title

A Resolution Approving a Funding Grant Agreement in the Amount of $260,000 with Icon Clark, LLC Consistent with the Recommendation of the Oak Park Economic Development Corporation (Oak Park EDC) and Authorizing its Execution

 

End

Overview

Overview

The Oak Park EDC is recommending that the Village provide $260,000 to Icon Clark, LLC, to construct an exterior full cab elevator at 855 Lake Street in order to address safety concerns and provide access to low-income tenants.

 

End

Recommendation

Recommendation

Approve

 

Fiscal Impact

The Village holds approximately $382,000 in an affordable housing fund (1001 46260 101 583670) awaiting approval for distribution to appropriate affordable housing projects/programs. These monies were received as compensating benefits from residential and mixed-use land developers through a negotiated process associated with either a redevelopment agreement or planned development application, or both, in an effort to support affordable housing projects or programs. Funding this project will reduce the remaining balance to $122,000. However, developers subject to the Inclusionary Housing Ordinance will make additional contributions going forward.

 

Background

The Oak Park EDC is recommending that the Village provide the developer, Icon Clark, LLC. $260,000 to construct an exterior elevator at 855 Lake Street. Given the level of rehabilitation being completed at 855 Lake Street, the Village ordinances do not require the inclusion of the elevator. However, the Fire Department believes that the elevator would increase the liveabilty and safety of the building.

 

The developer purchased the building in 2018 and is rehabbing the existing 4 units. The rental levels that will charged for 85% of the units are affordable to individuals earning below 60% of the Area Median Income (AMI).  Additionally, the developer will will commit to keeping 20% of the units affordable to renters at or below 50% AMI for at least 15 years as part of its financing agreement with Community Investment Corporation and The Preservation Compact’s Opportunity Investment Fund.

 

Alternatives

Request additional information from the Oak Park EDC

 

Previous Board Action

NA

 

Citizen Advisory Commission Action

NA

 

Anticipated Future Actions/Commitments

N/A

 

Intergovernmental Cooperation Opportunities

NA