Village Board members tonight will vote on a motion to table consideration of amendments to a redevelopment agreement (RDA) for the Lake and Forest development in Oak Park.
According to the agenda posted for tonight's Village Board meeting, developers have requested amendments to their RDA with the village, including an extension on the closing date, which was supposed to take place by July 19. Tabling the board's consideration of the amendments requested would move the conversation to Oct. 7, according to the agenda.
The Village Board in January 2012 approved the plans for a new 20-story retail and residential building that will contain 20,000 square feet of retail space and 270 luxury apartments. Per the agreement, the developer will construct a parking garage with 588 spaces—300 public and 288 private.
According to a Wednesday Journal report, the developers now face a $4.9 million lawsuit filed earlier this summer by PNC Bank, and have requested a 180-day extension from the village to begin construction.
The board will meet at 6:30 p.m. Monday, Sept. 16, at Village Hall, 123 Madison St., Oak Park.