TRANSMITTAL LETTER FOR BOARD MEETING OF MAY 15, 2012
COMMITTEE ON REAL ESTATE
Mr. David St. Pierre, Executive Director
Title
Authority to pay 2011 real estate taxes in the amount of $506,169.40 for Metropolitan Water Reclamation District of Greater Chicago's real estate located in Will County, Illinois; Account 101-30000-667130.
Body
Dear Sir:
Pursuant to the Illinois Property Tax Code, 35 ILCS 200/15-143, the District is responsible for the real estate taxes on land owned and located outside of Cook County, unless specifically exempt.
The District has now received the 2011 real estate tax bills for its non-exempt real estate in Will County, Illinois. The property consists of 32 separate property index numbers. The 2011 taxes for the subject parcels total $506,169.40. The total 2011 taxes for the subject parcels is $506,169.40 and of that amount $364,843.44, or 72.08%, is attributable to the Lockport Powerhouse.
The first installment of the 2011 taxes in the amount of $253,084.70 is due on or before June 1, 2012, and the second installment in the amount of $253,084.70 is due on or before September 4, 2012.
Accordingly, it is requested that the Executive Director recommend to the Board of Commissioners that it authorize and approve the timely payment of the 2011 real estate taxes on the District's non-exempt property in Will County, Illinois, in the aggregate amount of $506,169.40, in one installment of $253,084.70 due on June 1, 2012, and one installment of $253,084.70 due on September 4, 2012.
It is further requested that the Executive Director recommend to the Board of Commissioners that it authorize and direct the Chairman of the Committee on Finance and the Clerk to issue two checks in the amount of $253,084.70 each; one check before June 1, 2012, and one check before September 4, 2012, payable to the Will County Collector on account of the 2011 real estate taxes on District's non-exempt property in Will County, Illinois.
Funds are available in Account 101-30000-667130.
Requested, Ronald M. Hill, General Counsel, RMH:STM:MM
Recommended, David St. Pierre, Executive Director
Respectfully Submitted, Terrence J. O'Brien, Chairman Committee on Real Estate Development
Disposition of this agenda item will be documented in the official Regular Board Meeting Minutes of the Board of Commissioners for May 15, 2012