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[Extraction: OCR (rendered-page OCR)]
CITY OF WEST CHICAGO
FINANCE COMMITTEE
AGENDA ITEM SUMMARY
ITEM TITLE: -
AGENDA ITEM NUMBER: __©-F.
Ordinance No. 20-O0-0021 — Updating the Fair Market
Value of Residential, Commercial and Industrial Land — FILE NUMBER:
Subdivision Regulations
COMMITTEE AGENDA DATE: 9/22/2020
COUNCIL AGENDA DATE: 10/5/2020
STAFF REVIEW: SIGNATURE
APPROVED BY CITY ADMINISTRATOR: SIGNATURE
ITEM SUMMARY:
The City hasn’t updated the fair market value of land in its Subdivision Regulations for new developments
since 2008. The City contracted with the Polach Appraisal Group to provide current figures; the final
appraisal report is attached. Ordinance No. 20-O-0021 incorporates these current figures into the
Subdivision Regulations, this time differentiating between commercial and industrial use land (previously
there was just a non-residential use land figure which was used for both types).
STAFF RECOMMENDATION:
Staff recommends adoption of Ordinance No. 20-O-0021.
COMMITTEE RECOMMENDATION:
The Finance Committee unanimously recommends adoption of Ordinance No. 20-O-0021.