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1. MikeT
   Member

   I was talking to a realtor in town on the proposed TIF and she had what I thought was a good idea for revenue generation for the village - a transfer tax for real estate closings pd for by the seller. I can't recall what the pct would be - maybe 5 -6 pct. we can look at what other towns charge.

   She said almost all towns have this and she was surprised Riverside did not have this when she came here.

   Some of the explanation one can give for this, she said, was to suggest that since it would be on the sellers, who odds are, are saying goodbye to Riverside, it is not as burdensome, collectively thought, on the townsfolk. She continued that it would be a final 'thankyou' from the sellers for living in our nice town and availing themselves of our goods (peaceful charm ETC).

   I'll send this idea to the board and the admin.

   miket

   Posted Friday Jan 12, 2007 23:38 #

2. corbi328
   Member

   It has been discussed but I think as a non home rule community it would need to be approved by Referendum. Maybe Trustee Grace can provide insight. Five or six percent would be considered usurious in my mind and would surely cause an uprising with the residents, especially empty nesters who are sitting on highly appreciated homes who might be close to selling. Six percent on a $700,000 home would be $42,000! That is crazy. This would be bad policy and would probably result in a dramatic slowdown in the amount of homes sold in Riverside. Realtors would love that. Maybe 1% or max 2%. When you use a more reasonable percentage it certainly would be a nice new revenue stream but is nowhere near what we need to solve our financial problems.

   Posted Saturday Jan 13, 2007 08:29 #

3. ChrisHajer
   Member

   When we moved from Berwyn in 2003, we had to pay the 1% "kick in the ass on your way out of town" tax. Man, that really sucked. For some reason I think 1% is the max allowed by state law: I looked into it when we moved out, only because it seemed so ludicrous to me. I think it does only apply to home rule communities (like Berwyn, not Riverside.) The county also takes a percentage and IIRC the state too. You had to pay all these taxes before closing and get transfer stamps or something. The state and county seemed reasonable, for recording or whatever. The 1% to Berwyn was crazy.

   The county was $.25 per $500 of value and the state was $.50 per $500 of value (why they write things like this, I'll never know.) So, the county collected .05% and the state .10% if my math is correct. Then Berwyn took 10x what the state took. Ouch.

   http://www.atgf.com/member/transferTax/Berwyn.asp

   This is all from memory, so feel free to correct it.

   If you move within town though, you're normally eligible for a rebate on the transfer tax on the home you purchase.

   Posted Saturday Jan 13, 2007 09:10 #

4. Catherine
   Member

   ChrisH, I did not know you now lived in Berwyn. Have they solved some problems there that we have not here, and how? I notice they do have a lot of interesting shops, and that James Joyce place [again, visible from the train] certainly looks fascinating.

   Posted Saturday Jan 13, 2007 09:58 #

5. ChrisHajer
   Member

   Catherine, sorry if I was unclear. I lived in Berwyn from 1997 until 2003. When we moved to Riverside, and sold our place in Berwyn, that's when we learned of the "don't let the door hit you in the a** on the way out of town" tax.

   RE: their problems, I don't know. They have four TIFs I think, and the Depot District is one of them, around the tracks. I know there is some construction going on there now, north of the BN tracks.

   I also think there is a TIF on Cermak at Oak Park Ave, where that landmark bank has sat vacant for the longest time. They call that block the "superblock."

   Anyway, I live here now, not sure what's going on there really. I have friends there who are trying to open a business in the depot district (how weird is this: they want to open a wood fired pizza/sandwich shop.) They've been looking long enough that when Paul and Rose were selling the BP Cafe, I suggested to them that they consider that location, but it just didn't work out.

   I am going to go talk to him today actually. I will try to get a Berwyn update. Also, I should pick up their Suburban Life since there's lots of TIF information in their paper too.

   Posted Saturday Jan 13, 2007 10:27 #

6. Catherine
   Member

   Chris, yes I see they are planning a monster condo near the depot. They are NOT tearing down that lovely bank, are they? I was trying to figure this out from the train.That depot space doesn't look any better than it ever did: nor does Cermak and Oak Park! That wood-fired food is good; I ate a lot of it somewhere - can't remember where! Al ferno: they have a sound idea there. PLUS the stoves, if visible, contribute to the cozy atmosphere. Brick walls, comfortable chairs, you're all set.

   Posted Saturday Jan 13, 2007 10:33 #

7. ChrisHajer
   Member

   Catherine.

   1. I don't think they are tearing down the bank that is visible from the train. The Berwyn Bank I spoke of (the superblock bank) is not being torn down, at least I know they were trying to find someone to rehab it.

   from http://www.landmarks.org/preservation_news.htm

   The City of Berwyn has issued an RFP (Request for Proposal) for the proposed development site known as the “Superblock,— which contains the historic Berwyn National Bank. The Berwyn National Bank was listed on Landmarks Illinois' Ten Most Endangered Historic Places list in 1998. The city requests proposals that would renovate and re-use the bank and provide new development for the remainder of the block which is vacant. The bank is listed in the National Register of Historic Places and is eligible for the Federal 20% Rehabilitation Tax Credit and a Federal Tax Deduction through an easement donation to Landmarks Illinois. The “Superblock— is located at 6801-21 West Cermak Road, bounded by Cermak Road to the north, Oak Park Avenue to the east, Grove Avenue to the west and an alleyway and residential neighborhood to the south. For more information and a copy of the RFP, contact the Berwyn Development Corporation, Brian Pabst, executive director, at (708) 788-8100. Bidding for the development site will remain open until October 24, 2006.

   2. Cermak and Oak Park Ave, that place has been cordoned off for so long with the empty parking next to it... Reminds me of what happened with Henninger's actually. I hope it doesn't happen with the Arcade Bldg.

   3. For the wood fired, I have to agree. They were thinking sandwich shop, wood-fired pizza. I forget the name they had for it (I will ask today.) I agree on the charm and ambiance. Visible stove, brick walls, etc. I think the plan was coffee in the AM too, but there is so much competition in Berwyn along the tracks there for coffee now...

   Anyway - maybe I can convince them to come to the VC - they'd only need to sell about 4000 pizzas a month to make a living :)

   Posted Saturday Jan 13, 2007 11:20 #

8. spatny
   Member

   A few pearls for you to consider, sent to me from an RBHS classmate today:

   ..... For Those Who Take Life Way Too Seriously .....

   1. Save the whales. Collect the whole set.

   2. A day without sunshine is like, Night.

   3. On the other hand, you have different fingers

   4. 42.7 percent of all statistics are made up on the spot.

   5. 99 percent of lawyers give the rest a bad name.

   6. Remember, half the people you know are below average.

   7. He who laughs last thinks slowest.

   8. Depression is merely anger without enthusiasm.

   9. The early bird may get the worm, but the second mouse gets the cheese in the trap.

   10. Support bacteria. They're the only culture some people have.

   11. A clear conscience is usually the sign of a bad memory.

   12. Change is inevitable, except from vending machines.

   13. If you think nobody cares, try missing a couple of payments.

   14. How many of you believe in psycho-kinesis? Raise my hand.

   15. OK, so what's the speed of dark?

   16. When everything is coming your way, you're in the wrong lane.

   17. Hard work pays off in the future. Laziness pays off now.

   18. Every one has a photographic memory. Some just don't have film.

   19. How much deeper would the ocean be without sponges?

   20 Eagles may soar, but weasels don't get sucked into jet engines

   21. What happens if you get scared half to death twice?

   22. I couldn't repair your brakes, so I made your horn louder.

   23. Why do psychics have to ask you for your name?

   24. Inside every older person is a younger person wondering what happened.

   25. Just remember -- if the world didn't suck, we would all fall off.

   26. Light travels faster than sound. That's why some people appear bright until you hear them speak.

   27. Life isn't like a box of chocolates . . . it's more like a jar of jalapenos. What you do today, might burn your butt tomorrow.

   Posted Saturday Jan 13, 2007 12:14 #

9. JGage
   Member

   Apparently, there a no ideas for Village revenue. How about impose development impact fees?

   Posted Saturday Jan 13, 2007 16:02 #

10. ChrisHajer
    Member

    http://en.wikipedia.org/wiki/Impact_fee

    Can you explain how they work and why they might be appropriate or not here?

    Posted Saturday Jan 13, 2007 16:08 #

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