Clarendon Hills May Buy Property For Economic Development

CLARENDON HILLS, IL – Clarendon Hills is poised to buy a house at the southwest corner of 55th Street and Virginia Avenue, saying it would do for economic development purposes.

The property was for sale at a price of $415,000, with an appraiser putting the value at $405,000, according to a village memo. The village said it was able to get the price down to $395,000. Officials described that price as "well below" the appraised value; the difference is 2.5 percent.

According to the memo, the area of 55th Street in question is up for consideration as a tax increment financing district, or TIF. In such an area, the growth in property tax income would go into a special account for investments such as street improvements in the district itself.

"(T)he increment from a redeveloped property that the village owns is substantially larger than a privately owned and developed property," the memo said.

The memo also said Clarendon Hills could place a village facility on the property, although it did not indicate the purpose.

On Monday, the Village Board plans to vote on buying the property.