Wednesday, February 15, 2012
Construction will move forward to extend Ravinia Avenue and start the 9750 apartment complex.
While flowers, chocolates and candlelight dinners commonly characterize Feb. 14, the date this year marks an occasion other than Valentine’s Day in Orland Park. The village officially is in control of the west part of Orland Plaza, the former homes of Randy’s Market, Lang Lee II and the Orland Park Bakery. Next week Orland Park assumes control of the plaza up to the Gee-Schussler Insurance and Marquette Bank offices. Demolition of the west section to make room for extending Ravinia Avenue north of 143rd Street will start soon, said Orland Park Development Services Director Karie Friling. Before that begins, crews from McHugh Construction will spend about a week ridding the area of asbestos, Friling said. “Complete demolition of that …
Monday, September 19, 2011
In front of a packed house, Orland Park trustees approve with one dissenting vote, but also agreed to find ways to lessen the financial risk.
Updated, 11:05 p.m. Monday Catcalls and shouts from unhappy Orland Park residents did not sway the village board Monday night, as both the development plan and complex financing system for the Ninety 7 Fifty On the Park luxury apartments project were approved. But the approval did come with a new caveat introduced during the meeting. The Orland Park Village Board also unanimously voted to have village staff pursue ways to reduce the “debt and gap financing participation” of putting up $63 million in bonds to cover loans and incentives for the construction. Trustee Brad O’Halloran was the lone dissenting vote on the redevelopment agreement and the financing plan for the apartment complex. He said he supports the project itself, but not the …
Monday, September 12, 2011
Orland Park is poised to recoup part of those costs and is expecting a large influx of private investment once finished.
As of June 30, 2011, the Village of Orland Park had spent $44,315,758 on the Main Street Triangle redevelopment project. This amount has gone towards acquisition of land, legal fees, construction of the Metra Station and more, according to records released by the village’s finance department. It breaks down as follows: Land Acquisition $18,403,470 Metra Station (including engineering) $3,403,207 SW Highway Improvements/Parking $5,553,242 Infrastructure Improvements $13,095,306 Professional Services $1,044,830 Miscellaneous $8,088 Bond Interest/Paying Agent Fees $2,807,615 Expenses listed under the miscellaneous and professional services categories mostly include legal fees, the publishing of legal notices, conference calls and supplies for…
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9750 W 143rd St, Orland Park, IL
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Sunday, September 11, 2011
The Cook County Commissioner offers her comments from Tuesday night's public forum on the Ninety 7 Fifty project.
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Sunday, September 11, 2011
The Village of Orland Park seems to be working hard to convince the public that the Main Street Triangle plan will bring jobs and economic development to our community. It is no secret that 80% of the jobs will go to people who do not reside in Orland Park and those jobs will be temporary and leave upon completion of the project. But clearly, the people in Orland Park do not believe what they are being told. Is it because the village is not being honest or could it be simply that the village is doing a poor job of conveying the financial facts despite having multiple public relations entities to advocate for this controversial plan? Clearly, the mission of the village of Orland Park is to provide services to its residents. We are proud of …
Wednesday, August 17, 2011
Deal with the developer would double the village's debt, and repayment on the loan and incentive package could take up to 20 years.
Orland Park will nearly double its bond debt to finance a 295-unit luxury apartment complex, though staff says money from the Tax Increment Finance district, home rule sales tax and from the complex's renters will keep property taxes from being affected. The $63,348,138 million needed to fund the Ninety 7 Fifty On the Park project will include a $38 million loan to developer Flaherty and Collins. The loan is scheduled to be repaid over 10 years as a mortgage. At the end of 10 years, the balance is due in full. The remaining project money, about $24 million, will be considered an incentive package that must be repaid to the village. In 10 years, the entire property will be assessed. If the property is not valued high enough to generate that…
Tuesday, August 16, 2011
The village says financing plans to build a 295-unit apartment building will be released Tuesday or Wednesday.
Questions about parking, pets and building safety were fielded about a luxury apartment complex that will likely be built in Orland Park, but the main question on many residents’ minds won’t be answered until Tuesday or Wednesday, according to the village. The site plan for Ninety 7 Fifty On the Park was up for discussion Monday night during the Development Services Committee meeting. No details about how the project will be paid for were discussed, despite the vocal pleas of attending residents for more information about the possibility of bonds being used to fund the $65 million project. The committee was slated to decide on a special use permit that would allow Flaherty and Collins, developers of the project, to put 365 parking spots in…
Jim
1:08 am on Thursday, February 16, 2012
Delusions of granduer. Very easy when you have hand picked yes people, I mean trustee's. This day has been coming for 7 or 8 years since the day the village 1st announced they were buying the Plaza well before any formal negotiations took place. I can only hope a few things come from this. Orland residents wake up realize how many millions of dollars were spent before the vote came up. The hold … more ›