Certificates of Purchase were awarded today through Cook County’s No Cash Bid Program.
Thirteen municipalities across Cook County received 193 certificates of purchase from the 2011 Scavenger Sale as part of the County’s No Cash Bid Program, President Preckwinkle announced.
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.
In 2011, the Cook County Bureau of Economic Development worked with a variety of departments to review over 750 property index numbers (PINs) for the No Cash Bid Program. After determining that qualifying deli nquent taxes were present, 15 municipalities and the Forest Preserve District of Cook County submitted request packages for 235 properties, with the goal to eventually secure tax deeds to improve their areas.
Working with the offices of the County Assessor, Board of Review, Clerk, State’s Attorney and Treasurer, along with the Cook County Departments of Real Estate and Revenue, the Bureau of Economic Development presented the No Cash Bid requests to the Cook County Board Finance Tax Delinquency Subcommittee and the full Board of Commissioners for approval. This process resulted in 193 certificates of purchase for the Forest Preserve District and 13 municipalities across Cook County. Two other municipalities will receive certificates of purchase next month.
Over the years there have been many successful developments in the 70 municipalities and three townships that have participated in the No Cash Bid Program. Success stories include gas station-convenience stores, single family homes, a First Responder training and operations facility and storm-water management projects – all of which have brought much needed resources and services to Cook County residents.
After receiving the certificates of purchase, municipalities must petition the Circuit Court of Cook County to obtain a tax deed.