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PROPOSED NO CASH BID REQUEST
Requestor: Frank Podbielniak, Village President, Village of Posen
Request: Approval of No Cash Bid Request
Location: Village of Posen
Volume and Property Index Number:
028, 28-12-300-021-0000; 028, 28-12-300-022-0000; 028, 28-12-300-023-0000; 028, 28-12-300-024-0000; 028, 28-12-300-025-0000; 028, 28-12-300-026-0000; 028, 28-12-300-027-0000; 028, 28-12-300-028-0000.
Summary: The Village of Posen would like to participate in the Cook County No-Cash Bid program. It would like to request the following commercial parcels of land with the following addresses: 14733 S. Kedzie, 14735 S. Kedzie, 14737 S. Kedzie, 14741 S. Kedzie, 14743 S. Kedzie, 14745 S. Kedzie, 14747 S. Kedzie, 14749 S. Kedzie, and 14751 S. Kedzie.
These eight (8) properties are part of a fourteen (14) parcel block small strip mall which the Village of Posen has a tax deed case pending for the remaining six (6) (28-12-300-015-0000, 28-12-300-016-0000, 28-12-300-017-0000, 28-12-300-018-0000, 28-12-300-019-0000, and 28-12-300-020-0000). Of the 8 properties only 2 PINs 28-12-300-021-0000 and 28-12-300-028-0000 are occupied with tenants leaving the remaining parcels vacant. The Village of Posen seeks to obtain ownership of the entire mall, retain current tenants, and market the property for future private commercial development, restoring it to the property tax rolls.
The Village of Posen will file for tax exempt status on said properties. Legal counsel has been retained to obtain the tax deed on behalf of the Village of Posen and it will bear all legal and other costs associated with the acquisition of the parcels. Additionally, the Village of Posen will send a No-Cash Bid Report to the Cook County Bureau of Economic Development on the status of the parcels for five (5) years or until development and/or rehabilitation is complete, whichever occurs last. There is no Third-Party Requestor involved in this request by the Village of Posen.
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