Title/Name/Summary
SB Friedman Master Services Agreement
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 also provides support on completing TIF eligibility studies for the following properties, 159th and LaGrange, 143rd and John Humphrey Drive, and 153rd and the Railroad Tracks.
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 are being 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.
Recommended Action/Motion
I move to approve and authorize the execution of a Master Services Agreement between the Village of Orland Park and SB Friedman for professional economic development services, as outlined above;
AND
Authorize the Village Manager to execute all related documents, subject to Village Attorney review.