President Preckwinkle Announces 2015 No Cash Bid Program Update
Thirty-six taxing districts across Cook County have so far submitted requests to Cook County’s No Cash Bid Program for the 2015 program year. Cook County Board President Toni Preckwinkle announced today that taxing districts participating in Round 1 & Round 2 will be collecting their Certificates of Purchase during the upcoming week.
The No Cash Bid (NCB) 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.
The 2015 Program year is on track to surpass 2013 program year in participation levels of both the number of property index numbers (PINs) approved and possibly the number of taxing bodies participating. To date for 2015 program, six municipalities and one new park district have submitted No Cash Bid request packages for the first time and 709 PINs have been requested. Each request package includes an intended use for each PIN.
For the 2015 program year, the commercial redevelopment intended use category accounts for 49 percent of the PINs requested; followed by industrial/commercial redevelopment at 19 percent, and residential at 1 percent of the overall requests. The remaining 20 percent of the No Cash Bid requests are for combined uses and exempt/municipal projects such as water retention/flood control, parking/right-of-way and community space.
The 2015 NCB program has already had two PINs redeemed for roughly $25,000, which is collected and then redistributed to the local taxing districts. The NCB program is currently finalizing the third round of requests this fall in preparation for the 2015 Scavenger Sale.
“Working with local units of government on economic development initiatives is a key function of Cook County government and I am pleased to see such a dramatic increase in the number of agencies taking advantage of the No Cash Bid program,” Preckwinkle said. “These redevelopment projects provide value to their communities while also returning property to the tax rolls.”
“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 Cook County Commissioner Deborah Sims, 5th District. “We’ve worked hard over the past several years to make participating in the program even easier and I’m grateful to see that our efforts are paying off.”
Highlights from a few new participants in the 2015 No Cash Bid program include:
The No Cash Bid (NCB) 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.
The 2015 Program year is on track to surpass 2013 program year in participation levels of both the number of property index numbers (PINs) approved and possibly the number of taxing bodies participating. To date for 2015 program, six municipalities and one new park district have submitted No Cash Bid request packages for the first time and 709 PINs have been requested. Each request package includes an intended use for each PIN.
For the 2015 program year, the commercial redevelopment intended use category accounts for 49 percent of the PINs requested; followed by industrial/commercial redevelopment at 19 percent, and residential at 1 percent of the overall requests. The remaining 20 percent of the No Cash Bid requests are for combined uses and exempt/municipal projects such as water retention/flood control, parking/right-of-way and community space.
The 2015 NCB program has already had two PINs redeemed for roughly $25,000, which is collected and then redistributed to the local taxing districts. The NCB program is currently finalizing the third round of requests this fall in preparation for the 2015 Scavenger Sale.
“Working with local units of government on economic development initiatives is a key function of Cook County government and I am pleased to see such a dramatic increase in the number of agencies taking advantage of the No Cash Bid program,” Preckwinkle said. “These redevelopment projects provide value to their communities while also returning property to the tax rolls.”
“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 Cook County Commissioner Deborah Sims, 5th District. “We’ve worked hard over the past several years to make participating in the program even easier and I’m grateful to see that our efforts are paying off.”
Highlights from a few new participants in the 2015 No Cash Bid program include:
- Village of Chicago Ridge – One PIN for residential redevelopment.
- Village of Flossmoor – Located within a Tax Increment Financing District (TIF) in the southwest area of the Village, four PINs, along with other vacant land parcels recently acquired, will be used to promote the overall commercial redevelopment of more than 80 acres. Currently, Meijer is constructing one of its superstores, which includes a gas station and convenience store, and will work with the Village to fill the four to five outlots with restaurants. The requested PINs are intended for compatible commercial/retail businesses.
- Village of Wheeling – In order to assist in the commercial and residential development of nearby parcels, the Village requests overgrown vacant land parcels which contain a creek in need of maintenance – an area for which local police receive many complaints. Portions of the five PINs would be used for storm water management along with possibly serving as an entryway park with benches and other amenities which would create usable open space and a connection to the local park. Additional parking may also be put in place on the requested parcels in order to increase the viability of the commercial and residential redevelopment of the adjacent lots.
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 to reuse for private development and tax reactivation or for tax-exempt municipal use.
- By assisting the governments in 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.
- Many of the County’s current Neighborhood Stabilization Program homes were built on land acquired through this program. More than half of the 135 municipalities in Cook County have participated in this process.