(Above) Lakeshore East, bounded by Wacker Drive, Lake Shore Drive, Randolph Street, and Columbus Drive. Photo provided by OJB Landscape Architecture.
20-Sep-21 Homeowners in the Lakeshore East neighborhood of downtown Chicago will get a small break on a special assessment theyve been paying the city since 2002.
The Chicago City Council has approved an ordinance to refinance the assessment at a lower interest rate. 42nd Ward Alderman Brendan Reilly, who sponsored the ordinance, says the refinancing should save each unit owner about $268 per year for the next eleven years.
The Lakeshore East Special Assessment is paying back the city for a bond issue that paid for streets, water mains, a park, landscaping, and other infrastructure needed by the 26-acre master-planned development.
This special assessment is the only one of its kind in the City of Chicago, and it acts as an additional tax on Lakeshore East residents, wrote Reilly (left) in a recent email to constituents.
The bond issue raised $58.9 million, of which $34.9 million is still owed. Each unit owner is billed annually for an amount based on the assessed value of their property.
The refinancing ordinance was approved by the Chicago City Council on September 14.