Thirty-eight taxing districts across Cook County were approved for 420 No Cash Bid purchases as part of the county’s No Cash Bid Program, Cook County Board President Toni Preckwinkle announced today. Many of those taxing districts began collecting their Certificates of Purchase last week. This marks a 78% increase in the number of approvals over 2011 (the last program year) and a 137% increase in the number of participating agencies.
The No Cash Bid program is one of the county’s economic development tools designed to help municipalities and other taxing bodies acquire tax delinquent property for reuse as private development and for tax exempt municipal use. By assisting the municipalities in the process of acquiring certificates of purchase, Cook County government is able to help revive areas with new housing and business ventures. These projects potentially generate new property and sales tax from parcels that were once drains on municipal resources.
“Providing economic development assistance to local municipalities is a key function of Cook County government and I am pleased to see such a dramatic increase in the number of agencies who are taking advantage of the No Cash Bid program,” Preckwinkle said. “These redevelopment projects provide value to their communities while also returning properties to the tax rolls.”
In 2013, Cook County Bureau of Economic Development staff reviewed over 4,000 property index numbers (PINs) to determine eligibility. For the first time last year, the Cook County Clerk’s Office was able to provide custom maps highlighting delinquent parcels to assist municipalities in starting their research.
“The No Cash Bid Program is one of the best tools that Cook County has to partner with local municipalities to encourage economic development and address foreclosures in our communities,” said Fifth District Cook County Commissioner Deborah Sims. “We’ve worked hard over the past several years to make participating in the program even easier and I’m gratified to see that our effort is paying off.”
Highlights of the 2013 program include:
City of Blue Island – 2 PINs for tax exempt recreational open space and 15 PINs for transit-supportive commercial redevelopment near the Metra Rock Island District’s 119th Street Station.
Village of Calumet Park – 3 PINs for tax exempt use by local fire department and 2 PINs to develop a parking lot for possible use by the adjoining medical practice which will provide convenient access to medical care in the village.
City of Chicago Heights – 6 PINs to assist with the possible expansion of a longtime local industrial company intending to hire new employees from the surrounding area.
Village of Hoffman Estates and the Hoffman Estates Park District – 3 PINs which create a long narrow strip of vacant land between the rear of the homes facing Canadian National Railway Company’s right-of-way and tracks. The Village and Park District intend to develop the parcels into a multi-purpose path in cooperation with the Forest Preserves of Cook County, pursuant to a grant awarded to the Village of Hoffman Estates under the 2012 Illinois Transportation Enhancement Program.
About the Cook County No Cash Bid Program
The Cook County No Cash Bid Program is an economic development tool designed to assist municipalities, and other taxing districts, in acquiring tax delinquent property for reuse for private development and tax reactivation or for tax exempt municipal use. By assisting the municipalities in the process of acquiring Certificates of Purchase, Cook County government is able to help revive areas with new housing and business ventures. No Cash Bid projects generate new property tax and sales tax from projects that once had been a drain on municipal resources. Requests to secure land for tax exempt projects can also provide greatly needed infrastructure for storm-water management, traffic and right-of-way management which will impact residents in positive ways. Many of the County’s current Neighborhood Stabilization Program (NSP) homes were built on land acquired through this program. Over half of the 135 municipalities in Cook County have participated in this process.