By Anna Lothson
The developer of the future 20-story Lake and Forest high-rise continues to hear positive feedback from the financial community, according to Oak Park's Business Services Manager Loretta Daly, who relayed the information to the village board at its Feb. 19 meeting. She provided a brief update as requested by the board. Sertus Principal Michael Glazier, the lead developer, is responsible for keeping the village in the loop as the project progresses.
The long-delayed project has its share of skeptics about whether the project will ever be built, but Glazier has stuck by his claims that the group is moving forward.
Over the next few months, either on a monthly or bi-monthly basis, Sertus will come back to the board with status reports. The project plans are currently in review for permits.
A final list of materials to be used on the building's exterior was presented to the village recently. The group will be sticking to its initial project plans of having synthetic stucco because of the material's energy efficiency. Other options, including metal, have also been reviewed. Sertus will be seeking LEED Silver (Leadership in Energy and Environmental Design) for the building.
Trustee Ray Johnson asked again about the project's finances, and Daly said that report won't be ready until the permit process is over.
"Pieces are falling in place to secure the financing, but it has just not occurred yet at this point," Daly said.
The village also sent out a request for proposals for a line of credit, which will eventually be used to fund the village's portion of the reconstructed Holley Court Garage. The request was sent to nine institutions, Daly said, and four have responded.
It was determined in December that the board should finance its portion of the public parking garage through a bank letter of credit during construction. That will be followed be a General Obligation bond upon completion. The garage will not be built, however, until Sertus' financing is secure.
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