Submitted By
Tammie Grossman, Director of Development Customer Services
Reviewed By
AMZ
Agenda Item Title
Title
A Resolution Approving an Agreement for Environmental Remediation Work between the Village of Oak Park and Oak Park Madison Street LLC in an Amount Not to Exceed $1,650,000 and Authorizing its Execution
End
Overview
Overview
On December 10, 2018, the Village Board approved 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. The Redevelopment Agreement provides that the Village is responsible for reimbursing Oak Park Madison Street LLC (Pete's Fresh Market) in the amount of $1,650,000. 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 Oak Park Madison Street LLC for environmental expenses capped at $1,650,000. Funding is earmarked for these expenses in the requested FY 22 Budget (account number 2072.41300.101.570698, Economic Development Initiatives). Pursuant to the Redevelopment Agreement, if the environmental expenses are less than $1,650,000, the developer may submit a request for reimbursement of other TIF eligible expenses to make up the difference. The attached budget contains those TIF eligible expenses as well.
Background
Pursuant to the Redevelopment Agreement, the Village is responsible for the environmental remediation expenses necessary to construct the Pete's Fresh Market. 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 $1,650,000.
The remaining information is background regarding the history of the project. Pursuant to State Law, property owned by a Village and l...
Click here for full text