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19-3005
| 1 | | | Committee Minutes | COMMITTEE MINUTES
Approval of the minutes from the meeting of 03/19/2019 | approve | Pass |
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19-1965
| 1 | | Incentive Revocation Amendment | Ordinance Amendment | 2nd PROPOSED SUBSTITUTE ORDINANCE AMENDMENT TO FILE #19-1965
AN AMENDMENT TO CHAPTER 74, ARTICLE II, REAL PROPERTY TAXATION
WHEREAS, vacant properties can devastate a neighborhood and block, undermine neighbors' quality of life, and diminish the value of nearby properties; and
WHEREAS, they also cause severe fiscal damage to local governments, reducing local tax revenues while costing cities millions for policing, cleaning vacant lots, and demolishing derelict buildings; and
WHEREAS, most vacant buildings and houses are well maintained, but many are not and thousands can sit empty for years, abandoned by their owners, deteriorating to the point where they cannot be reused without major rehabilitation with many ultimately demolished, leaving vacant lots in their place; and
WHEREAS, besides their impact on social and economic conditions, vacant, abandoned properties have a devastating effect on the fiscal condition of their cities, towns, and counties; and
WHEREAS, not only do they pay little in property taxes and generate little revenue for the city or county when s | recommend for approval | Pass |
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19-2298
| 1 | | Home Investment Partnership Loan Spruce Village | HOME Investment Partnerships Program | PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM
Department: Planning and Development
Other Part(ies): Housing Opportunity Development Corporation, Techny, Illinois
Request: Respectfully, the Department of Planning and Development within the Bureau of Economic Development submits the loan recommendation of $800,000.00 in HOME Investment Partnership Funds (HOME 2018 Grant) for the 24 month construction period and thirty year permanent period with a 1% permanent loan rate to support development of Spruce Village, an affordable housing development in Palatine, IL
Total Development Cost: $12,897,473.00
Project Loan Amount: $800,000.00
Fiscal Impact: $800,000.00
Account(s): 1013-10757
Summary: The loan will fund Spruce Village, the new construction of a forty-four (44) unit, fully HOME-assisted, fully accessible development targeted to individuals and families with developmental and physical disabilities under the Permanent Supportive Housing model of operation. The requested HOME funds account for eight percent (8%) of the TDC. Additional funding sources incl | recommend for approval | Pass |
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