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PROPOSED NO CASH BID REQUEST
Requestor: Michael J. Garvey, President, Village of Brookfield
Request: Approval of No Cash Bid Request
Location: Village of Brookfield
Volume and Property Index Number:
172 177, 15-34-423-022-0000; 177, 15-34-427-015-0000
Summary: This Request Package contains two (2) PIN's. PIN 15-34-423-022-0000 is referred to herein as "Property 1." PIN 15-34-427-015-0000 is referred to herein as "Property 2." Property 1 is located at 3827 Maple Street in the Village of Brookfield. Property 1 is vacant parking area along Maple Avenue located adjacent to an automobile repair business. The Village seeks to acquire and hold Property 1 for redevelopment pending a future proposal by a yet-to-be-determined developer for commercial use of Property 1. Acquisition of Property 1 through the Cook County No-Cash Bid Program will benefit the Village by potential redevelopment of a commercial, tax-generating use of Property 1. Commercial development of Property 1 will benefit the Village by increasing the Village's property and sales tax base and by offering additional employment opportunities to local residents. If the Village is successful in acquiring Property 1 through the No-Cash Bid Program, it will file for tax exempt status and will maintain Property 1 as tax exempt until such time as it is conveyed to a third party for redevelopment.
Property 2 is located at 8844 Burlington Avenue in Brookfield, Illinois. Property 2 is a vacant lot in a residential area. The Village seeks to acquire and hold Property 1 for redevelopment pending a future proposal by a yet-to-be-determined developer for use of the Property. Acquisition of Property 2 through the Cook County No-Cash Bid Program will benefit the Village by potential redevelopment of a tax-generating use for Property 2. Development of Property 2 will benefit the Village by increasing the Village's property tax base.
If the Village is successful in acquiring Property 2 through the No-Cash Bid...
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