Arlington Park Hearing Analysis (2023)
Hearing analysis materials for the former Arlington racetrack property, including valuation comparisons, settlement history, and intervenor arguments related to the 2023 reassessment.
1/30/24 HEARING - INTERVENOR PALATINE FORMER ARLINGTON RACETRACK ALL IMPVTS HAVE BEEN DEMO'D BY END OF 2023○ • LAND:
$37,230,000• 2022 SETTLEMENT AGREEMENT:
$188,634,764 FMV○ • TAXPAYER'S APPRS: 2023 J2C APPR:
$60,000,000• INTERVENOR APPR: 2023 MAROUS:
$160,000,000• 2/15/23 PURCHASE BY BEARS FOR $195,951,500 BOTH ATTY'S AGREE THAT THE BEST COMPARABLE SALE IS ALLSTATE FACILITY W/ OVER 200 ACRES AND PROXIMITY WITH SIMILAR ACCESS ○ • ATTY WANTS (AT THE VERY LEAST) A RESTORATION TO 2022 FMV BUT AT 10% LOA AS VACANT LAND • HEARING NOTES: SETTLEMENT NEGOTIATIONS ARE STILL ONGOING SAME INTERVENORS AS LAST YEAR THAT REACHED THE 2022 SETTLEMENT AGREEMENT THE ONLY THING THAT'S CHANGED ON THE SUBJECT PROPERTY IS THE FACT THAT THE PURCHASE WAS FINALIZED IN 2023 AND ALL IMPVTS. HAVE BEEN REMOVED BY THE END OF 2023 QUESTION:
(I ALLUDED TO IT, BUT COMM. ROGERS ASKED THE INTERVENOR DIRECTLY) IF NOTHING HAS REALLY CHANGED FROM 2022 TO 2023, WHY NOT A RESTORATION TO 2022 SETTLEMENT AGREEMENT FOR ONE-YEAR ONLY? □ ▪ ○ • • WILLIAM, MATT AND I HAVE AGREED TO N/C ON 1st PASS TO GIVE THEM TIME TO REACH A SETTLEMENT AGREEMENT BY THE TIME RE-REVIEW OCCURS ○ IF NO AGREEMENT HAS BEEN REACHED BY RE-REVIEW, WE WILL ALL MEET EN BANC FOR VALUATION DISCUSSIONS POINTS OF INTEREST FROM HEARING: • COMM. ROGERS WENT ON RECORD ABOUT HOW THE CCAO CLEARLY SET THE VALUE BY SALE CHASING WHICH IS PROHIBITED AND ILLEGAL BY IL STATE LAW ○ EVEN THE INTERVENORS AGREE THAT THE CCAO VALUE IS $32 MILLION TOO HIGH • COMM. ROGERS WENT ON RECORD AND POINTED OUT THE FACT THAT THE CCAO TRANSFERRED ALL OF THE VALUE TO THE LAND CREATING A NON-UNIFORM LAND $/SF ISSUE WITH SIMILAR TYPE PROPERTIES IN
AREA (THIS HAS BEEN OCCURING ALL OVER THE COUNTY) ○ INTERVENOR POINTED OUT THAT THE SALE WAS FOR THE LAND AS EVIDENCED BY THE DEMOLITION OF ALL IMPVTS. SUBSQUENT TO SALE COMM. STEELE WENT ON RECORD AND STATED THAT SHE DIDN'T UNDERSTAND WHY THE TAXPAYER'S ATTY. WANTED THE LEVEL OF ASSESSMENT TO BE CHANGED FROM 25% TO 10% ATTY EXPLAINED TO HER THAT THE PROPERTY IS NOW VACANT LAND WHICH SHOULD BE A CLASS 1 AT 10% LOA (THIS ARGUMENT WILL PROBABLY NOT CARRY MUCH WEIGHT FOR 2023 DUE TO THE FACT THAT ALL OF THE IMPVTS. WEREN'T DEMO'D UNTIL THE END OF 2023…..WE ASKED FOR ADD'L EVIDENCE DETAILING THE DEMOLITION SCHEDULE OF ALL BLDGS.) ▪ ○ • J2C APPR: 2023-29-15286 Tuesday, January 30, 2024 10:25 AM CONDOS Page 1 KELLY APPR: 2022 SETTLEMENT AGREEMENT: