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PROPOSED NO CASH BID REQUEST
Requestor: Louis Presta, Mayor, Village of Crestwood
Request: Approval of No Cash Bid Request
Location: Village of Crestwood
Volume and Property Index Number:
025, 28-03-200-020-0000
Summary: The number of parcels in this request is one (1). The property is currently vacant and it is the intention of the Village to return this parcel to tax-paying status through commercial redevelopment. This would benefit the Village by adding commercial property and businesses to the Village and increasing the Village's assessed valuation.
The Village will initially file for tax exempt status upon receipt and filing of tax deeds, but expects to return the property to tax-paying status at the earliest possible time. At the present time there are no Third Party Requests, no prospective developers and no organizations identified to assume development or ownership of this parcel. The Village will retain legal counsel to obtain the tax deeds and bear all legal and other costs associated with acquisition of the parcel. The Village of Crestwood agrees to submit to the Cook County Department of Economic Development, No Cash Bid Reports on the status of the parcel for five years or until development is complete, whichever occurs last, as required by the Cook County No Cash Bid Ordinance.
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