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     August 25, 2020      #50-238 a2z
 

Bourbonnais adopts agreement with OAK

By Jeff Bonty
jbonty@daily-journal.com


BOURBONNAIS — Village trustees adopted an ordinance during their meeting Monday for a redevelopment agreement with OAK Orthopedics on the company’s proposed $15.5 million surgical facility.

The two-story, 43,700-square-foot medical campus would be located on U.S. Route 45/52, a half mile north of the Bourbonnais Parkway (East 6000N Road).

OAK Orthopedic Chief Executive Officer Paige Cripe said the project is expected to begin this fall with occupancy slated for January 2022.

Cripe told the Daily Journal earlier this month that the building will house OAK Orthopedic’s medical clinic, physical therapy and occupational therapy, and a radiology suite on the first floor.

“The second floor will house our new ambulatory surgery center with three oversized operating rooms to accommodate the growing trend of outpatient total joints,” Cripe said. “We will still perform traditional outpatient orthopedic surgery and pain management but we’ll be the first in the region to tailor outpatient space for same-day total joints.”

According to the proposed agreement, the village would contribute $750,000 in Tax Increment Financing funds to the site development.

Of that total, $400,000 will be for property acquisition costs within 30 days of issuing a building permit and $350,000 for infrastructure improvements within 30 days of the issuing an occupancy permit.

OAK would pay back the money through its annual property taxes, Mayor Paul Schore said.

OAK Orthopedics is a division of the Illinois Bone & Joint Institute, which purchased OAK Orthopedics earlier this year.

IBJI has locations throughout the Chicagoland region including Chicago, Gurnee, Des Plaines, Libertyville, Buffalo Grove, Wilmette, Crystal Lake, Barrington, Palatine, Grayslake, Highland Park and Schaumburg.

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Jeff Bonty
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