Village of Orland Park Announces Agreement with Orland Plaza

Village of Orland Park Announces Agreement with Orland Plaza
Posted on 07/11/2011

ORLAND PARK, IL (July 11, 2011)- The Village of Orland Park today announced an agreement with the Orland Park Building Corporation (OPBC) for the acquisition of the property located at the northwest corner of 143rd Street and LaGrange Road in Orland Park.

We're pleased to announce that after considerable back and forth negotiations, the Village and owners of the Orland Plaza Shopping Center have reached an agreement that's a win-win for both sides," said Orland Park Mayor Dan McLaughlin.

The agreement gives the Village the entire 7.13 acre site for a collective purchase price of $7.5 million dollars in three separate acquisitions. On February 14, 2012, the Village will deposit with the court $2.75 million in just compensation to acquire the property rights that are the subject of the pending litigation. The second acquisition is scheduled for February 20, 2012, wherein the Village will acquire the balance of the property located west of the future Jefferson Avenue location, roughly all property west of the current Marquette Bank Building, as well as the parcel that currently houses Orland Video.

The third acquisition will occur approximately two years later, when the Village will acquire the remaining property located east of the proposed Jefferson Avenue line. The purchase price for the second and third acquisitions is $4.75 million, payable by the Village to OPBC over a period of five years at 4.0% interest, with interest compounding as of February 20, 2012.

McLaughlin praised the agreement, noting how both sides remained open minded about how to best resolve the acquisition.

"This agreement is the result of hours and hours of negotiations between the Village and the plaza owners," McLaughlin said. "The community, the owners, and the tenants can now move forward knowing that all of their respective interests are being served," the mayor added.

"We wanted to ensure we were getting a fair price for the property, and we feel we did," said Joe Mikan, a partner in OPBC. "We also wanted to be sure that our longstanding tenants receive fair treatment," he explained, adding, "We credit the Village with looking out for the same thing."

Having reached an agreement, the Village will now continue to move forward with finalizing the monetary relocation assistance for the tenants and helping them with the permit and build-out process.

"We look forward to helping these businesses continue as significant contributors to Orland Park's business community and to many more years of them serving their customers," the mayor added.

Link to Village Statements