Submitted By
Tammie Grossman, Director of Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
A Resolution Approving an Agreement for Environmental Remediation Work between the Village of Oak Park and AH Oak Park LLC in an Amount not to Exceed $685,000 and Authorizing its Execution
End
Overview
Overview
On September 3, 2019, the Village Board approved the First Amendment to the Redevelopment Agreement for 700-728 Madison between the Village of Oak Park, Jupiter Realty Company, LLC (Jupiter), Oak Park Madison Street LLC (Pete's) and AH Oak Park, LLC. On February 3, 2020, the Village Board concurred with the Plan Commission's recommendation to grant a special use permit for a major planned development containing a seven story Senior Living Facility at the property located at 711-725 Madison Street. The parties have agreed to the scope of the environmental remediation work that the Village is responsible for reimbursing AH Oak Park, LLC.
Body
Staff Recommendation
Adopt the Resolution.
Fiscal Impact
Pursuant to the Redevelopment Agreement, the Village agreed to reimburse AH Oak Park, LLC for environmental expenses capped at $685,000. There are funds available in the FY 2020 Budget (account number 2072.41300.101.570698, Economic Development Initiatives). Pursuant to the Redevelopment Agreement, if the environmental expenses are less than the $685,000, the developer may submit a request for reimbursement of other TIF eligible expenses to make up the difference.
Background
Pursuant to the Redevelopment Agreement, the Village is responsible for the environmental remediation expenses necessary to construct the senior living project at 711-725 Madison. The parties have reviewed the environmental reports and have agreed to the project costs. The total Village liability for the environmental expenses is capped at $685,000.
The remaining information is background regarding the history of the project. Pursuant to State Law, property owned by...
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