U.S. Bank officials are “disappointed” by Oak Park leaders’ plan to acquire and convert the bank’s Madison Street branch into the future home of the Oak Park Police Department.
The village is looking to take over the U.S. Bank building located at 11 Madison St. with the plan to redevelop it into a new police headquarters. The building is only two blocks away from Oak Park Village Hall, where the Oak Park Police Department has been based for decades.
While village leaders have lauded the acquisition and redevelopment plan as a way to deliver the OPPD a modern police station at a lower price point, the bank said this week that it had never planned to close the branch when it put the building up for sale.
U.S. Bank officials released a statement on the looming acquisition to local customers Monday afternoon, saying that the bank would do what it could to retain control of the branch. While the building was listed for sale at $2.65 million last year, bank officials said that it was always the corporation’s intention to keep the bank branch open by leasing space back from the building’s new owner, a strategy the company has employed regularly in recent years, officials said.
U.S. Bank officials said the bank plans to “explore all legal challenges at the village’s use of eminent domain.”
“The village of Oak Park has begun the process of taking the bank’s property, both the branch building and parking lot, through a process known as eminent domain,” U.S. Bank told Oak Park customers. “If the village is successful, we will be forced to close the branch, impacting our ability to provide services at this location. We take great pride in having served the Oak Park community at this location since 2009, continuing a long tradition of banking services at the corner of Madison and Austin. We are disappointed with the village’s decision to take this branch and plan to challenge this action. Know that we are working diligently to remain at this location, however, we may ultimately have to vacate the building and parking lot. If that happens, we’ll keep you informed and provide additional resources to support you.”
The branch, which has operated out of the building since 2009, is also home to mortgage advisor and wealth management staff not present at most bank locations, U.S. Bank officials said.
U.S. Bank told customers that it is exploring opportunities for a new bank location in the area if it loses its Madison Street location.
“At the same time, we’re exploring options for a new location in Oak Park, or the surrounding area, to continue serving our clients should the village take our existing property,” the bank told customers. “Throughout this process, our focus remains on supporting both you and our employees.”
The board is looking to submit a request for approval from the state legislature to begin the “quick take” acquisition process at its meeting Tuesday, Jan. 13. A public hearing on the acquisition will also take place at the meeting.
On Nov. 12, the village board unanimously approved an ordinance allowing the village government to pursue a condemnation suit to acquire the property via eminent domain if a voluntary sale deal didn’t go through, according to village documents.
“The village reviewed the property and determined that it’s suitable for adaptive reuse for a new police station,” said John Melaniphy, Oak Park’s assistant village manager for economic vitality. “The village then began negotiating to purchase the property. After several rounds of negotiation over several months and multiple offers from the village, a standstill was reached. In order to provide the village with an opportunity to acquire the property at an acceptable price and within a timeline necessary for a new police station, the attached ordinance was prepared for the village to obtain title by condemnation.”
At a special meeting a week later, the board voted to endorse the acquisition as their preferred strategy for the police station project.
The building is approximately 37,000 square feet and already has its own parking lots, according to village documents.
An earlier version of the project had been expected to deliver the Oak Park Police Department a new standalone police station on the patch of grass south of Village Hall’s parking lot, with building costs expected to have eclipsed $80 million on top of the costs for the planned renovations to the Village Hall building.
Trustee Jim Taglia said the move to purchase a building for adaptive reuse rather than constructing a brand-new building makes sound financial sense.
“From what I can see, this is a fiscally prudent approach, it’s far cheaper than a new construction and an efficient use of our capital,” Taglia said. “Time is money in this sort of endeavor, and it’s important to get moving on it. I think everyone on this board has wanted to move on a new site, and members of previous boards.
“It offers good long-term value, it’s a real value play for the future.”
The OPPD presently operates out of Village Hall’s basement, a space considered too small and outdated to suit the needs of a modern village police department. The village has been working to find a path to a new base of operations for local police since at least 2015, when it commissioned a property condition assessment on Village Hall.
Over the last decade, the village has spent millions on design work, kicked around several development concepts and hired a new architect for the project.
