Title/Name/Summary
SB Friedman Development Advisors, LLC Master Services Agreement Change Order
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.
The Village Board approved a Master Services Agreement to ensure the ever-changing project goals can be addressed in the most efficient way possible. Staff is requesting additional funding to continue the ongoing engagement for an hourly as needed services agreement with SB Friedman. Changes in a development proposal can affect the financial analysis related to Village economic development matters. As such, these studies often need to be revised based on direction from the developer and the priorities of the Village.
SB Friedman also provides support on completing TIF eligibility studies for the following properties, 159th and LaGrange, and 153rd and the Railroad Tracks. The potential proceeds from the TIF at 159th and LaGrange Road will be used to construct the Ravinia Avenue extension.
In addition, SB Friedman is providing economic development matters related to Downtown Orland Park and the financial assistance being provided to Orland Square Mall to attract an anchor tenant for the former Sears property.
These proposals were consolidated into a master services agreement to continue support by SB Friedman of these various economic development functions. The agreement will be valid from 2025 - 2028 with an option to extend to 2030.
The request to increase funding for the SB Friedman Master Services Agreement for various economic development functions.
Financial ...
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