The property purchase price in 2010 was $33 Million.
The most recent assessed value has not come close to the $188.5 Million that Mayor Broda presented at his State of the Village address in 2013.
The TIF Redevelopment Plan identified a $130 Million investment.
$110 Million in private investment
$20 Million in publicly funded investment from the TIF.
The 2014 Fair Market Value, per the County Assessor is $115 Million; $15 Million less than the reported total investment. (Ref: 2012 TIF Report filed with the IL Comptroller)
History of the declining taxable value:
The project area has only seen a $2 Million increase in EAV as a result of a $20 Million TIF Redevelopment Agreement. (EAV is 1/3 of the fair market value)
The TIF has failed to spur development in the surrounding area and surrounding property values have fallen significantly since the completion of the redevelopment - most notably the decline in assessed value of the nearby hotels and office buildings.
(click image to enlarge)
Ref: PIN 08-04-100-022
Ref: PIN 08-04-101-015
Ref: PIN 08-04-101-012
DuPage County Property Lookup: https://www.dupageco.org/PropertyInfo/PropertyLookUp.aspx
No comments:
Post a Comment