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 ...
Click here for full text