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 20-127    Name:
Type: Ordinance Status: Passed
In control: President and Board of Trustees
On agenda: 11/23/2020 Final action: 11/23/2020
Title: An Ordinance Approving a Second 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 - Second Amendment, 2. Second Amendment RDA, 3. Final executed RDA, 4. Fully Executed 1st Amendment RDA, 5. First RFP 710-728 Madison 9_16_16, 6. OPEDC 700-728 Madison Recommendation 10-23-18, 7. Second RFP 700-728 Madison, 8. OPEDC 700-728 Madison Proposal Summary and Projections 10.23.18, 9. Jupiter's Original Response to 2nd RFP Proposal, 10. Jupiter Pete's Paragon Proposal
Submitted By
Tammie Grossman, Director of Development Customer Services

Reviewed By
CLP
Agenda Item Title
Title
An Ordinance Approving a Second 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. On September 3, 2019, the Village Board approved a First Amendment to the Redevelopment Agreement removing 711 Madison Senior Living, LLC as a party and adding AH Oak Park, LLC. Due to delays caused by the Covid-19 pandemic and a change in the building concept plan for the Pete's Fresh Market, the parties are seeking to amend the Redevelopment Agreement to update the project milestone dates 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
Due to delays caused by the Covid-19 pandemic, the parties are seeking to amend the Redevelopment Agreement to update project milestone dates for the Pete's Fresh Market and update concept plan exhibit expanding the building footprint, which will require demolition of the existing building.

The information below is background regarding the history of the project. 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) proc...

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