cover
TO: Mayor Richard C. Irvin
FROM: Bill Wiet, Chief Development Services Officer
DATE: August 3, 2017
SUBJECT:
To approve a second amendment to existing development agreement with Fox Island Apartments LLC, owner of 7 South (Leland Tower), 33-35 South (Graham Building), and 77 South Stolp Avenue (The Mayan).
PURPOSE:
The second amendment waives the requirement to complete the restaurant build out of the first floor of the Mayan (former Elks Club Building) and asks to re-distribute approximately $66,000 of the build out security to other physical improvements at the Mayan or Leland Tower.
BACKGROUND:
Per the original development agreement, the developer was to have completed build out of the first floor restaurant space at the Mayan by December 31, 2017. Questions arose as to the feasibility of achieving a restaurant build out at this particular time when the developer's efforts have been focused on Leland Legends restaurant at the Leland Tower, as well as other proposed physical improvements to the first and second floor of the Leland. In addition, recent approval was granted to The Community Builders for a first floor restaurant at the former Waubonsee Community College across from Legends. It is felt that at this time the synergy of restaurants and entertainment venues will be focused at the corner of Galena and Stolp for now. The idea of a restaurant at the Mayan has not been abandoned, rather the developer wishes to take a fresh look at available options after spending additional time and resources at the Leland Tower.
DISCUSSION:
The first amendment to the development agreement also provided for a cash security of $182, 500 to complete improvements on the first floor anticipating a future restaurant. To date $115,000 of that security has been released for work done including a fire suppression system, entranceway improvements, and a fire alarm system. There remains in the cash security $66,871.90 which is being requested to be used for other phys...
Click here for full text