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Palos Heights to engage Miller Canfield over Jewel redevelopment reassessments after reported $2 million assessed-value loss
Summary
The committee unanimously authorized engaging Miller Canfield after staff said repeated Jewel reassessments reduced assessed value by about $2 million — roughly $200,000 in property tax impact per year — which may conflict with an existing redevelopment agreement.
City staff reported Jan. 13 that under the existing Jewel redevelopment agreement the City agreed to pay a specific amount tied to assessed value, but repeated reassessments by Jewel have lowered taxable value. Staff estimated the City has lost about $2 million in assessed value, equating to approximately $200,000 in property tax revenue per year; the minutes state that Jewel continues to file for reassessments and staff regards that as not adhering to the redevelopment agreement's minimum value provisions.
The Finance Committee voted unanimously to engage Miller Canfield to work on the redevelopment agreement matter. The motion was made by Alderman Key and seconded by Alderman Scully. The committee asked staff and the city’s legal representatives to report back with recommended next steps.
