Oak Park could sell the Colt Building to Avalon Bay at market value instead of $1. One would assume that the property would bring in at least the $7.5 million that was paid for the property by the village. This would solve the immediate budget shortfall.
Why do the numbers show a village contribution of "only" $21.95 million when they are giving the developer the land? It seems to me the village should add the $7.5 million it paid for the land so the total price to the village is $29.45 million. Unless the village has a big wad of cash lying around to pay for "public improvements," then the village will have to finance the $21.95 million (or it could be more or less per the developer-should we make a guess now which way it will go?) so if the future tax revenues fall short, then how will the village pay off the bonds? Again, let's guess.
Also, I looked at the village website for this project and Avalon Bay is claiming the future residents buying power for 196 apartments $22.1 million/year. Per unit per year that is $112,755 of "buying power" which means after they have paid their rent to the developer. Who could possibly think that is any kind of realistic number? Let's guess again-the Oak Park village board.