GLENWOOD APPROVES PROGRAM TO ATTRACT NEW INVESTMENT

GLENWOOD APPROVES PROGRAM TO ATTRACT NEW INVESTMENT

Abandoned commercial, residential properties targeted for redevelopment

The Village of Glenwood has introduced a new economic development tool aimed at eliminating blight, while also making it easier for developers to invest in the community.

Mayor Toleda Hart introduced – and the Village Board unanimously approved – the Abandoned Property Acquisition Program, allowing the village to partner with those interested in acquiring abandoned commercial or residential properties and bringing them back to life – and to the tax rolls.

“This program is an investment in our community not just today, but for the future,” Mayor Hart said. “Whether it’s an abandoned house or vacant business, we’re ready to work with developers to welcome new homeowners and businesses owners to Glenwood and attract more private investment.”

Vacant properties must be delinquent on property taxes or water bills for at least two years in order to qualify. When a property has been identified by the interested developer, the village requires a small escrow amount to be put down and it will then take the steps to acquire the property on behalf of the developer. That escrow money is used during that process, meaning the program operates at no cost to the village.

As the property works its way through the legal process, the developer has to meet certain benchmarks, including securing a certificate of occupancy within six months of receiving it, meaning they must occupy, rent or sell it within that time.

If that is done, they will have acquired the property for nothing more than the legal fees and their cost to rehabilitate it, while the village will have added a new property to the tax rolls and perhaps a new business for residents to support.

For more information on the program, contact Village Hall at 708-753-2400.

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