Title/Name/Summary
SB Friedman Development Advisors as needed Consulting Services 2025 - Orland Square Mall
History
SB Friedman has and continues to assist the Village in various economic development matters. Key areas of work include, forecasting incremental property tax revenue, forecasting sales tax revenue, forecasting business district sales and/or hotel tax revenues, reviewing developer pro formas and requests for Village financial support, providing term sheet, economic incentive agreement and/or redevelopment agreement negotiation support and participating in calls with Village and developers. Staff is requesting to continue the ongoing engagement for an hourly as needed services agreement with SB Friedman.
SB Friedman provided an engagement letter outlining the staff hourly rates for 2025. The services will help the Village attract an anchor tenant to Orland Square Mall. The fees in the proposed agreement will not exceed $30,000.
Financial Impact
Funding will be made available in 1006020 432800.
Recommended Action/Motion
I move to approve the agreement with SB Friedman Development Advisors for hourly as needed consulting services not to exceed $30,000;
AND
Authorize the Village Manager to execute all related contracts, subject to Village Attorney review.