Politics & Government

Oak Park Development Corporation, Village to Join Forces for Economic Development

Oak Park Development Corporation proposes $721,500 appropriation for the new Oak Park Economic Development Corporation. Final vote on proposed partnership expected at Jan. 27 Village Board meeting.

The Village of Oak Park on Monday reviewed a multi-year agreement to outsource its economic development services to a restructured Oak Park Development Corporation (OPDC): The Oak Park Economic Development Corporation (Oak Park EDC). 

To operate the reorganized entity, the Oak Park EDC is seeking an annual appropriation of $721,500 to fund the Oak Park EDC, with $567,500 for salaries and benefits for four full-time employees, $10,000 for employee training, $60,000 for marketing and $84,000 for operating expenses, according to a village staff document. 

The Oak Park EDC would have a revised structure of the Board of Directors to include the Village President, a village trustee and the village manager as ex-officio. 

The operating agreement, which would end February 15, 2016, incorporates a mission statement and key activities to establish that the economic development efforts are for the purpose of, "Enhancing the quality of life and economic health of Oak Park by expanding its property tax base, increasing sales tax revenue and creating and retaining jobs in the village," according to the document. Key activities would include development, marketing/branding, recruitment, retention, incentives, measurement and reporting. 

According to the Wednesday JournalOPDC President Sara Faust Monday tendered her resignation, but will stay on to help with the transition over the next six months. Upon the Village Board's approval of the agreement, the members of the OPDC board will be expected to resign. A nominating committee of the new EDC would then meet to nominate new directors. The EDC also expects to name an interim director by Feb. 28, OPDC Chairman Martin Noll wrote in a letter to the board. 

The board is expected to take a final vote on the proposal at its Jan. 27 meeting. 


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