Title/Name/Summary
Palos Community Hospital Reimbursement for Underground Detention
History
Per the approved development agreement for the Palos Community Hospital (PCH) South Campus Redevelopment (2016-0525) "The Village will reimburse the developer an amount equal to fifty percent of the incremental cost above "normal" surface water detention costs, as the Village and Developer agree and with such detention costs approved in advance by the Village." The final total cost for the underground detention minus surface water detention costs is $2,031,622. The Village will pay half of these costs, $1,015,811.
Financial Impact
Currently the Village has $950,000 budgeted for this obligation. An additional $65,811 will be needed from the water fund.
On May 21, 2018, this item was reviewed by the Development Services Planning and Engineering Committee, recommended for approval and sent to the Village Board of Trustees for consideration
Recommended Action/Motion
I move to approve the payment in the amount of $1,015,811 to Palos Community Hospital pursuant to the development agreement;
And
Approve the budget adjustment in the amount of $65,811 from the water fund.