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 21-85    Name:
Type: Ordinance Status: Passed
In control: President and Board of Trustees
On agenda: 10/18/2021 Final action: 10/18/2021
Title: An Ordinance Approving a Fourth Amendment to the Redevelopment Agreement for the 700-728 Madison Street Redevelopment Project between the Village of Oak Park, Jupiter Realty Company, LLC, Oak Park Madison Street LLC (Pete's), and AH Oak Park, LLC and Authorizing its Execution
Attachments: 1. Ordinance - Fourth Amendment, 2. Fourth Amendment to RDA, 3. Final Executed RDA, 4. First Amendment RDA, 5. Second Amendment RDA, 6. Third Amendment RDA, 7. First RFP 710-728 Madison 9_16_16, 8. OPEDC 700-728 Madison Recommendation 10-23-18, 9. Second RFP 700-728 Madison, 10. OPEDC 700-728 Madison Proposal Summary and Projections 10.23.18, 11. Jupiter's Original Response to 2nd RFP Proposal, 12. Jupiter Pete's Paragon Proposal
Submitted By
Tammie Grossman, Director of Development Customer Services

Reviewed By
AMZ

Agenda Item Title
Title
An Ordinance Approving a Fourth Amendment to the Redevelopment Agreement for the 700-728 Madison Street Redevelopment Project between the Village of Oak Park, Jupiter Realty Company, LLC, 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.

On November 23, 2020, the Village Board approved a Second Amendment to change the timeline due to Covid-19 Pandemic for Pete's and the concept plan.

On February 22, 2021, the Village Board approved a Third Amendment to amend the timelines for the senior housing project. Due to delays caused by the Covid-19 pandemic, the parties are seeking to amend the Redevelopment Agreement to update the project milestone dates for the Pete's store.

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 Oak Park Madison, LLC is seeking to amend the Redevelopment Agreement to update project milestone dates for the opening of the Pete's Fresh Market. The developer has already demolished the existing building and has approved building permit plans for all of the utility relocates such as ComEd, AT&T, Nicor, and the Village water/sewer system to remove those utilities in the ...

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