Orland Financing Luxury Apartments With $63 Million in Bonds
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…
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Karen Foley
9:40 am on Saturday, August 27, 2011
TIm....its the financing, growth and development is great, just not on the backs of the taxpayer. This means you. The risk is on the village not the developer. more ›