214 Burlington Ave Property Sale RFP

Bid Title:214 Burlington Ave Property Sale RFP Category:214 Burlington Property SaleStatus:Open Description: Information on Lot: Lot is approximately 1,742 square feet.Building is approximately 1,036 square feetAppraised Value: $45,000Zoned: Governmental/Institutional with expected rezoning process to B-2 General Business DistrictAllowed Height in B-2: 40 ftUses Allowed in B-2: Commercial, Mixed Use or ResidentialParcel Number: 09-11-102-029No property survey is available.Public alley to the north is 20-foot wide. Proposal Requirements: Please include information on the following: Sales Price Offered Please indicate if request reuses the existing building or demolishes the building.Proposed Use including any expected sales tax generated.Proposed Height/DensityOverall expected value of the development (construction cost)Any TIF requested (please note Village has not provided any TIF for single use residential developments to date within any existing TIF and is unlikely to do so for

this project). Preferences: In general, staff believes that given the current property values in the downtown area developments that either have a residential component or generate significant sales tax would be preferable. Any development that can incorporate further properties in the development including 1 McIntosh will likely be preferred. This property is within the Downtown Design Review District and will likely need to have higher end materials and finishes to get a positive recommendation from the Design Review Committee. The Village is looking to maximize revenues generated by the sales price, future TIF increment, and any other revenues generated. Timeline: Village will be soliciting proposals due on May 13 th by 4:00pm, targeting a MoU for review at the May 20 th Board Meeting. A Residential Development Agreement would be subsequently negotiated from those terms pending any zoning approvals required by the proposed project. This project will require a rezoning and likely a Planned Unit Development which requires a typical Village approved entitlement process. Tour of the Property Staff will open the property on Wednesday April 24th between 2pm and 3pm. Please RSVP to document.write('Ecage'+'@'+'clarendonhills.us')Ecage@clarendonhills.us For security reasons, you must enable JavaScript to view this E-mail address. if you plan to attend. Questions: Please submitted any questions about the property by May 8 th by 4:00pm. Staff will provide answers to the questions by May 10 th by 4:00pm to all interested parties and on the Village website. Publication Date/Time: 4/22/2024 1:00 PM Closing Date/Time: 5/13/2024 4:00 PM Submittal Information: ecage@clarendonhills.us or inperson at 1 N Prospect Ave Pre-bid Meeting: April 24th between 2pm and 3pm Contact Person: Ed Cage: Ecage@clarendonhills.us if Return To Main Bid Postings Page