Title
New Downtown Orland Park plan - UCMC Ground Lease Letter of Intent (LOI)
History
Executive Summary
This plan strengthens Downtown Orland Park by pairing a University of Chicago Medical Center (“UCMC”) ground lease on Parcel?E with an Amended & Restated RDA with E&R Development LLC, aka Edwards Realty (“Developer”) to realign responsibilities, funding, and performance triggers. It delivers predictable, recurring revenues-about $10.16?million in ground rent over 25 years plus $322,500 per year from leasing 215 garage stalls at $125/month-that the Village will earmark to offset Heroes Park construction, debt service, and Operations and Maintenance alongside a Special Service Area (SSA) when producing, thereby reducing General Fund pressure.
The RDA keeps the Village Funding Obligation at its base cap (no Parcel E/F adders when UCMC develops), adds performance safeguards (full refunds if Certificate of Need is not obtained; a 24-month structural-steel trigger to avoid project drift), and preserves evening/weekend public parking even if UCMC later exercises its garage purchase option (with credits for prior UCMC investment and rent).
The plan further advances the arts and activation strategy by prioritizing a Performing Arts Center on Parcel?C (with 36-month reversion if construction does not commence) and mandating creation of the DOP East RPA/TIF within 12 months to activate parcels north of 143rd Street from LaGrange to John Humphrey Drive.
Background
The Downtown Orland Park TIF and Business District were established to catalyze the original Triangle’s redevelopment per Ordinance No. 5927 and the Original RDA (March 14, 2025). The current proposal amends/restates that RDA and assigns certain development rights on Parcels E and F to UCMC via a Village ground lease.
The attached UCMC LOI outlines the core business terms for Parcel E and related parking/expansion rights; while non-binding in many respects, it will be used to finalize the Ground Lease. Cer...
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