Title
New Downtown Orland Park -University of Chicago Medical Center (“UCMC”) Ground Lease for a medical facility all together on Parcels E and F and the E&R Realty Amended & Restated Redevelopment Agreement
History
Executive Summary
This new plan strengthens Downtown Orland Park by pairing the UCMC on Parcel?E with an Amended & Restated RDA with E&R Development LLC, aka Edwards Realty. The UCMC ground lease delivers predictable, recurring revenues-about $10.16?million in rent over 25 years plus $322,500 per year from UCMC leasing 215 garage stalls at $125/month. The Village will assign these lease revenues to offset Heroes Park construction, debt service, and Operations and Maintenance (“O&M”) This plan also includes a Special Service Area (SSA) which provides for the maintenance of the public improvements, including Heroes Park, thereby reducing General Fund pressure. Together, this plan keeps the Village Funding Obligation at its base cap, adds performance safeguards, and preserves evening/weekend public parking even if UCMC later exercises its garage purchase option.
The new plan advances the Village’s commitment to the public and the arts by reviewing the feasibility of a Performing Arts Center on Parcel?C (with a reversion to Edwards for other development if construction on the Performing Arts Center does not commence within 36 months of execution of the RDA). The plan also creates the DOP East RPA/TIF for development of the parcels north of 143rd Street from LaGrange to John Humphrey Drive.
Background
The Downtown Orland Park TIF and Business Districts were previously established to catalyze the original Triangle’s redevelopment per Ordinance No. 5927 and the Original RDA (March 14, 2025). UCMC now brings their proposal to greatly enlarge their presence in our community by virtue of the proposed medical facility. The new plan amends that original RDA and assigns certain development rights on Parcels E and F to UCMC via a new UCMC ground lease with ...
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