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PROPOSED NO CASH BID REQUEST
Requestor: Charles E. Tokar, President, Village of Chicago Ridge
Request: Approval of No Cash Bid Request
Location: Village of Chicago Ridge
Volume and Property Index Number:
245, 24-17-118-006-0000; 245, 24-17-118-007-0000; 245, 24-17-118-008-0000
Summary: This letter is to express the Village of Chicago Ridge’s interest in receiving a No Cash Bid for parcels located in Chicago Ridge. The permanent index numbers of the parcels requested are: This Request Package contains 3 PINs (the “Subject Property”). The PINs requested currently contain a partially occupied commercial structure on parcels in the Village of Chicago Ridge. It is the intent of the Village of Chicago Ridge, as part of its overall economic development strategy, to acquire the Subject Property and return it to a beneficial use for the citizens of the Village. Presently only one of the three units is occupied by a dental lab which is a tenant of the Subject Property. The building sits directly south of a large undeveloped piece of property suitable for redevelopment and north of a beautiful banquet facility. Upon acquisition, it is the Village’s intent to remove the tenants, demolish the structure and market it for redevelopment. This building is already a longstanding eyesore that brings down the value of surrounding properties and it is located on Ridgeland Avenue, the main street through the middle of Chicago Ridge.
The Village of Chicago Ridge has retained legal counsel in order to obtain the tax deeds and will bear all costs associated with the acquisition of the parcels. In accordance with the requirements of the Cook County No Cash Bid Ordinance, the Village of Chicago Ridge will submit to the Cook County Office of Economic Development a No Cash Bid Report on the status of each parcel for five years or until development is complete whichever comes last. In accordance with the requirements of the Cook County No Cash Bid Program, the Village of Chicago Ridge hereby certifies that it does not have an identified third party requestor associated with the filing of this application and will accordingly take the necessary steps to have the Subject Property declared tax exempt for municipal use and will submit to the Cook County Board of Review a Real Estate Exemption Complaint for tax exempt status which will be maintained until title is transferred to a new owner.
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