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…
He told columnist Phil Kadner that he would make interest-free student loans and national Internet access a top priority.
James Hickey, president of the Orland Fire Protection District, is planning to announce his candidacy for United States Congress by the end of August. Earlier this week, Hickey told SouthtownStar columnist Phil Kadner that he intends to run for the 11th Congressional District as a Democrat. If so, he will likely challenge Bill Foster, who current represents the 14th District but has expressed interest in running for the newly redrawn 11th District, which spans as far north as Aurora and south to Joliet. Hickey does not live in the 11th District but told Kadner he would move there if elected. Orland Park and Orland Hills will soon be part of the 3rd Congressional District, currently represented by Dan Lipinski. Kadner noted that although …
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Orland Fire Protection District Firehouse One and Administration Center
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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 ›