Helping Chicago-Area Municipalities Make Sensible Real Property Policy
Orland Park attorneys active in school financing since 1935
Responsible development is a key to any city’s growth, as the tax base must expand to keep pace with the population base. As downtown areas begin to attract new residents and suburban areas continue to grow, an adequate infrastructure is more important than ever. Schools and related facilities cannot be built without precious real estate. How can your city secure the rights to the real property it needs to serve its citizens?
At Klein, Thorpe & Jenkins, Ltd., our attorneys are experienced in all types of property issues affecting schools. We can provide both innovative and traditional solutions to ensure that your community is able to achieve and maintain sustainable growth.
Our attorneys provide assistance via a Naperville ordinance
A Naperville ordinance may be the ideal vehicle for your municipality to secure the land it needs at a reasonable cost. Some areas grow so fast that by the time parks, school and other public places are needed the land has been subdivided and is too expensive to acquire. Other cities experience uneven growth; one area of the city expands while other areas contract.
A Naperville ordinance can cure both these maladies. In 1972, Naperville, Illinois passed a city ordinance that all builders must donate either land or cash to the city to be used for schools and parks, either 5.5 acres or $15,000 per acre. The attorneys at Klein, Thorpe & Jenkins, Ltd. possess specific knowledge in this area and can help you draft an ordinance with an excellent chance of withstanding any legal challenge.
Guidance in purchase and lease issues
In some cases, it can be more cost-effective to acquire and renovate existing structures or existing vacant lots and convert these spaces to parks or schools or any other needed facility. Such activity must conform to special laws in Illinois, including the Public Construction Contract Act. All activities on the site, from accepting bids to negotiating the contract terms to construction and renovation to the final cleanup, must be in strict compliance with these laws.
Adept in handling financing issues
The attorneys at Klein, Thorpe & Jenkins, Ltd. can assist with many forms of municipal bond campaigns to raise capital for needed improvements:
- Types of bonds. Most municipal construction bonds are general obligation bonds, meaning that repayment is guaranteed by the issuing taxing authority. Revenue bonds are linked to a revenue stream, such as user fees or tolls.
- Bond issuance. The majority of bonds are issued after a referendum giving the taxpayers the chance to vote on whether to approve the measure. Non-referendum bonds are directly tied to existing tax revenue.
Call attorneys providing experience, expertise and efficiency to clients in Chicago and all of Illinois
At Klein, Thorpe & Jenkins, Ltd., we use our experience to craft cost-effective solutions to your financing and election needs. Contact Klein, Thorpe & Jenkins, Ltd. at 312.984.6400 or online to schedule your confidential consultation at either our downtown or suburban office.