The dodgy request to the village of Oak Park by a well-healed developer to subsidize an upscale restaurant’s construction in a deal negotiated privately by a quasi-public entity has wisely been withdrawn.
Readers will recall that the Journal reported back in August that the developer of the then-nearly-complete Vantage high-rise on Lake Street had asked for $100,000 in public funds from the Downtown TIF. And that the Oak Park Economic Development Corporation — which is either quasi-public or quasi-private depending on the coin toss — had recommended to the village board that the last-minute gift be approved.
The cover for this generosity was that the cost of landing and building out the scrumptious digs for Cooper’s Hawk restaurant were higher than expected. After Cooper’s Hawk disavowed the request when the public roused itself to object, the matter went into limbo until recently when the Journal again requested an update on the status of the request.
All parties now agree happily that the request has been withdrawn, that $100K no longer seems so substantial a sum when the developer has a notable interest in future developments in Oak Park.
A good outcome. Going forward, OPEDC, which includes multiple village hall reps on its board, needs to work on its transparency gene. Everyone needs to recognize that $100,000 is still a lot, especially in public money. And sincerely, after constructing the most notable new building in Oak Park since the Main Library, we’ll welcome Golub & Company’s continued interest in Oak Park. Just live by the deal you strike on the front end.