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Board discusses deed in lieu to acquire two Derby Lane properties to clear liens and enable redevelopment
Summary
Staff said owners of 9999 Derby Lane and 9930 Derby agreed to deed the properties to the village in lieu of foreclosure, allowing the village to file a Section 2,195 letter under the Illinois Property Tax Code to wipe delinquent taxes and secure clean title for redevelopment; trustees asked about TIF and enterprise zone eligibility and flood-zone constraints.
Staff told the board that following litigation and lien actions, the owners of two properties commonly known as 9999 Derby Lane and 9930 Derby have agreed to deed the parcels to the village via a deed in lieu of foreclosure. Staff explained that once the village acquires property by deed in lieu, it can file a 2,195 letter under the Illinois Property Tax Code, which would eliminate delinquent taxes and produce clean title for potential future redevelopment.
“Through negotiations with the owner… he and his attorney have agreed to what’s called a deed in lieu of foreclosure,” staff explained, and added that the village had already recorded liens and incurred costs related to those properties. Trustees asked whether the properties are currently within a TIF and whether enterprise-zone incentives could apply; staff confirmed the parcels are in a TIF and said enterprise-zone status is not currently in effect but could be explored if boundaries permit.
Trustees also asked about flood-zone status and whether additional nearby properties might be acquired under similar terms; staff said roughly five properties are involved in related litigation and that the village is considering adding a third parcel to the development strategy. The discussion was informational; no formal disposition, sale or development agreement was approved at this meeting.
