The former AT&T building in Downtown at 44 S. Vail Avenue was purchased and renovated by Ketone Partners.

In 1985, the Village and Illinois Bell, now AT&T, entered into a parking agreement and in 2014 the Village approved an amendment to the parking agreement when AT&T substantially increased the building occupancy. Provisions of the agreement included 22 parking permits at no charge and providing 165 permits at current rate for a total of 187 permits for daytime employees for parking in the Vail Garage. Since the 2014 amendment, AT&T has vacated the building and property was vacant prior to Ketone renovations and re-occupancy.

For the past two years the Village has been in discussions with Ketone Partners regarding a parking lot use agreement for daytime office parking permits within the Vail Avenue garage for the 44 S. Vail office building occupants. As the building is getting more occupants the property owner has now wanted to re-engage with the Village to complete negotiation of such an agreement. The new parking agreement provides for up to 101 parking permits for daytime office parking. The agreement provides for a one-time usage review and potential reduction in number of permits to be purchased. Staff has also negotiated special event parking on the private property parking lot during Sounds of Summer and other specified events. Thirty-seven spaces would made available and an annual credit of $3,240 would be provided for the usage of the special event parking. Permit parking for 44 S. Vail would be restricted to levels 3, 4 & 5 of the Vail Avenue garage.

Recommendation

It is recommended that the Village Board authorize the Village Manager to execute the Parking Lot Use Agreement between the Village and 44 Vail, LLC.