In case you missed it, Mary Ellen Podmolik from the Chicago Tribune wrote an interesting article about the different strategies that the neighboring villages of Plainfield and Shorewood are using to lure builders and developers back into their respective communities. Plainfield has essentially reduced impact fees by $9,000 in an attempt to make it more palpable for a developer to acquire and develop land within the village limits. Shorewood has decided to not to extend a temporary reduction in impact fees, essentially because no one was taking advantage of the reduction.
Another neighboring community to Plainfield, the Village of Oswego, recently voted to increase their sewer and water tap-on fees by $1,000 per lot. This increase was approved only after the board rejected a proposal to double their sewer and water tap-on fees.
It is interesting to follow the divergent paths that the municipalities are taking to either entice development back into their communities or discourage it.
To hear more about what municipalities are doing to entice development back into their communities, please attend the Navigating the Chicago Real Estate Market Seminar on April 22, 2010 at The Grotto in Oakbrook. For registration information, please click here.
To read the Tribune article, please click here.
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