Title
RESOLUTION AUTHORIZING STAFF TO EXPLORE, IDENTIFY, AND EVALUATE VARIOUS FUNDING OPTIONS OF THE MAIN STREET PHASE I REDEVELOPMENT AGREEMENT WITH FLAHERTY & COLLINS THAT ENABLES THE VILLAGE TO REDUCE ITS DEBT AND EQUITY PARTICIPATION IN THE NINETY 7 FIFTY ON THE PARK PROJECT
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WHEREAS, the Village of Orland Park established the Main Street Tax Increment Financing District in 2004, and further amended said District in 2007; and
WHEREAS, the Village has completed many of the public improvements within the Main Street TIF District and has acquired, or is under agreement to acquire, all of the land in the redevelopment area; and
WHEREAS, the Village has recognized that redevelopment of the TIF District into a downtown, transit-oriented, mixed-use development is a strategic redevelopment objective of the community; and
WHEREAS, the Village has been working for over ten years in assembling the properties and constructing the public improvements necessary to achieve the redevelopment; and
WHEREAS, the Village has invested approximately $45 million to date in the TIF District for land acquisition, public infrastructure improvements, train station construction, and related costs; and
WHEREAS, in a challenging lending and project financing environment after the market collapse of 2008-09, the pursuit of a public-private partnership represents the best opportunity in developing the first phase of the Main Street redevelopment; and
WHEREAS, the Village established Guiding Principles that any partnership project must (1) be of high functional and aesthetic quality; (2) serve as a catalyst for future phases of redevelopment; and (3) maximize the community’s ability to recover its investment; and
WHEREAS, the Village solicited proposals from numerous developers in 2008-09 and Flaherty & Collins Properties was selected as the best qualified partner to execute the first phase of the Main Street redevelopment in the form of a 295-unit luxury apartment complex, ...
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