Thursday, April 28, 2011
Tuesday, April 26, 2011
Sold! 798 Old Checker $220,500
Buffalo Grove's newest residents. Welcome the Samineni family. Congratulations Ravi and Sravanthi!
Thursday, April 14, 2011
Short sales-90 day response
SHORT SALES
The Senate Judiciary Committee approved a modified version of Senate Bill 1259 this week. You will recall that this bill is related to short sales. In its current form, SB 1259, sponsored by Senator Jacqueline Collins, makes changes to the Code of Civil Procedure to add a section entitled “Short sale in foreclosure”. The new section defines “short sale” and specifies that in a foreclosure of residential property, if (i) the mortgagor presents to the mortgagee, a bona fide written offer from a third party to purchase the property that is the subjection of the foreclosure proceeding, (ii) the written offer to purchase is for an amount which constitutes a short sale of the property, and (iii) the mortgagor makes a written request to the mortgagee to approve the sale on the terms of the offer to purchase, the mortgagee must respond to the mortgagor within 90 days after receipt of the written offer and written request. The mortgagee shall determine whether to accept the short sale offer. The legislation further provides that the failure to accept the offer shall not impair or abrogate in any way the rights of the mortgagee or affect the status of the foreclosure proceedings. Lastly, the bill states that the 90-day period shall not operate as a stay of the proceeding. The IAR is NEUTRAL.
The Senate Judiciary Committee approved a modified version of Senate Bill 1259 this week. You will recall that this bill is related to short sales. In its current form, SB 1259, sponsored by Senator Jacqueline Collins, makes changes to the Code of Civil Procedure to add a section entitled “Short sale in foreclosure”. The new section defines “short sale” and specifies that in a foreclosure of residential property, if (i) the mortgagor presents to the mortgagee, a bona fide written offer from a third party to purchase the property that is the subjection of the foreclosure proceeding, (ii) the written offer to purchase is for an amount which constitutes a short sale of the property, and (iii) the mortgagor makes a written request to the mortgagee to approve the sale on the terms of the offer to purchase, the mortgagee must respond to the mortgagor within 90 days after receipt of the written offer and written request. The mortgagee shall determine whether to accept the short sale offer. The legislation further provides that the failure to accept the offer shall not impair or abrogate in any way the rights of the mortgagee or affect the status of the foreclosure proceedings. Lastly, the bill states that the 90-day period shall not operate as a stay of the proceeding. The IAR is NEUTRAL.
Friday, April 8, 2011
Thursday, April 7, 2011
Dist 31 Tax Increase Shot Down
District 31 tax increase referendum apparently fails
Tuesday at 8:07 p.m. 
Superintendent Alexandra NIcholson, second from right, sits in her home with staff and administrators from West Northfield School District 31 in anticipation of the results of a tax increase referendum. (Jeff Danna, Tribune reporter)
Educational programs, activities and teachers are all on the chopping block in West Northfield School District 31 now that a referendum to increase the tax rate has failed.
“We are going to have to sit down and reevaluate the strategic plan and identify any areas we can move forward on,” said Superintendent Alexandra Nicholson.
School official said they needed the extra money because of tax appeals by the district’s largest taxpayer, Allstate Insurance Co.
It’s unknown yet what items the district can afford to keep without the tax increase. But officials say about $1 million must be cut from the budget.
The Board of Education is scheduled to outline potential cuts at its April 14 meeting, Nicholson said. Those cuts would likely include teachers and other staff members, but Nicholson declined to say how many positions were in jeopardy.
New technology and family reading nights are two other examples of possible cuts, she said.
“It’s going to be very difficult to keep up with these things,” she said.
Some measures laid out in the district’s five-year strategic plan can move forward, but items that come with a price tag will have to be carefully weighed.
For example, adopting a new academic program that was once seen as essential could cost more than $100,000, Nicholson said. Now the board might have to turn down such measures if they don’t seem cost-effective, she said.
The school district had asked voters to approve an increase in its tax rate in light of the Allstate property tax appeals.
But voters shot down the initiative by more than a 2-to-1 margin on Tuesday, according to unofficial results. The tax increase was expected to generate an additional $2.2 million a year, allowing the district to cover future appeals by Allstate and maintain its programs and infrastructure.
The district still expects to lose money to Allstate — about $1 million to $1.5 million a year, by administrators’ estimates. Now it has to make cuts to fill the gap.
Nicholson said she expects the district try to get voters to approve another tax increase referendum in 2012 — if only to re-implement what gets axed this year.
She said she doesn’t know how much of an increase the district would ask for, but whatever the percentage, it would not include an increase due to property tax assessments, as was the case this year.
The district needs revenue, Nicholson said. Since districts are limited to increasing their levies by the Consumer Price Index, which has been low in recent years, and state funding in limbo, District 31 is becoming strapped for cash. But, she said another failed referendum could mean more cuts, Nicholson said.
Voters at polling places on Tuesday said they understood the challenges facing the district, and some even said they were willing to take a financial hit to help maintain the quality of the schools.
“I think it’s important in how it relates to issues with Allstate’s taxing and what students are getting,” said Glenview resident Tom Sheagren, who said he no longer has children in District 31 but voted for the tax increase.
His neighbor, Katty Attari, said she saw the referendum as not only important to her children’s education but also to her property values.
“We have such a wonderful school; we have to make sure we keep it that way,” she said.
But Georgia Davidson, an election judge at the Northbrook Sports Complex polling place, said she saw deep divisions among voters in District 31.
Younger people with families seemed more in favor of the tax increase, while older residents without children in the schools seemed more skeptical about having their taxes raised in an already tough economy, Davidson said.
The referendum, she said, was probably driving voter turnout in an otherwise uneventful election.
“A lot of older people don’t care about the park board,” she said. They “just want to vote against the referendum.”
“We are going to have to sit down and reevaluate the strategic plan and identify any areas we can move forward on,” said Superintendent Alexandra Nicholson.
School official said they needed the extra money because of tax appeals by the district’s largest taxpayer, Allstate Insurance Co.
It’s unknown yet what items the district can afford to keep without the tax increase. But officials say about $1 million must be cut from the budget.
The Board of Education is scheduled to outline potential cuts at its April 14 meeting, Nicholson said. Those cuts would likely include teachers and other staff members, but Nicholson declined to say how many positions were in jeopardy.
New technology and family reading nights are two other examples of possible cuts, she said.
“It’s going to be very difficult to keep up with these things,” she said.
Some measures laid out in the district’s five-year strategic plan can move forward, but items that come with a price tag will have to be carefully weighed.
For example, adopting a new academic program that was once seen as essential could cost more than $100,000, Nicholson said. Now the board might have to turn down such measures if they don’t seem cost-effective, she said.
The school district had asked voters to approve an increase in its tax rate in light of the Allstate property tax appeals.
But voters shot down the initiative by more than a 2-to-1 margin on Tuesday, according to unofficial results. The tax increase was expected to generate an additional $2.2 million a year, allowing the district to cover future appeals by Allstate and maintain its programs and infrastructure.
The district still expects to lose money to Allstate — about $1 million to $1.5 million a year, by administrators’ estimates. Now it has to make cuts to fill the gap.
Nicholson said she expects the district try to get voters to approve another tax increase referendum in 2012 — if only to re-implement what gets axed this year.
She said she doesn’t know how much of an increase the district would ask for, but whatever the percentage, it would not include an increase due to property tax assessments, as was the case this year.
The district needs revenue, Nicholson said. Since districts are limited to increasing their levies by the Consumer Price Index, which has been low in recent years, and state funding in limbo, District 31 is becoming strapped for cash. But, she said another failed referendum could mean more cuts, Nicholson said.
Voters at polling places on Tuesday said they understood the challenges facing the district, and some even said they were willing to take a financial hit to help maintain the quality of the schools.
“I think it’s important in how it relates to issues with Allstate’s taxing and what students are getting,” said Glenview resident Tom Sheagren, who said he no longer has children in District 31 but voted for the tax increase.
His neighbor, Katty Attari, said she saw the referendum as not only important to her children’s education but also to her property values.
“We have such a wonderful school; we have to make sure we keep it that way,” she said.
But Georgia Davidson, an election judge at the Northbrook Sports Complex polling place, said she saw deep divisions among voters in District 31.
Younger people with families seemed more in favor of the tax increase, while older residents without children in the schools seemed more skeptical about having their taxes raised in an already tough economy, Davidson said.
The referendum, she said, was probably driving voter turnout in an otherwise uneventful election.
“A lot of older people don’t care about the park board,” she said. They “just want to vote against the referendum.”