Gene's Bit of Blogging

Zoning and Building Classifications

Village of Shorewood, IL Takes Pro-Active Measures to Boost Construction and Local Employment for 2012 and Beyond

Gene Mundt, Mortgage Lender - The Federal Savings Bank: Posted on Wednesday, March 28, 2012 2:39 PM

Village of Shorewood, IL Takes Pro-Active Measures to Boost Construction and Local Employment

for 2012 and Beyond

Like many towns across America, the Village of Shorewood, IL, is looking to find ways to ignite new economic and construction growth within its boundaries.

Building/Buying in Shorewood, IL? Contact Gene Mundt, Mortgage Lender

Getting more of its own residents back to work, as well as those of surrounding areas, is a key goal of the Village's leaders. They're hoping that five (5) new ordinances approved during this last Tuesday's board meeting will help achieve that positive goal.

The five new ordinances help:

Cut Water and Sewer Tap-On Fees

Cut Building Permit Fees

Lengthen the Period of Payment Time Offered for Water/Sewer & Building Permit Fees

Reduce Land and Cash Contributions Requirements

Cut Capital Improvement Fees

The Village Board of Shorewood felt the pro-active changes were needed in order to support builders' and developers' efforts to begin construction once again this upcoming building season and into the future, thus stimulating the Village's and local economy.

The 3-Year reduction in fees are as follows:

Water and Sewer Tap on Fees will be reduced to $2,940.

Capital Impact Fees will be reduced to $1,400.

Building Permit Fees are reduced to $1 per square foot. Permit Fees will now be due: One year from their issuance ... or at the time of occupancy, whichever comes first.

The Village of Shorewood believes that the new fees also better reflect the new valuations of improved acreage found within its borders.

For further information regarding the details contained within this post, for information regarding developing or constructing with the Village of Shorewood, IL, or to find if a specific Contractor is licensed within the Village of Shorewood, please contact the Village of Shorewood Building and Zoning Department at: 815-725-2150, Ext. 50.

* If building or buying in the Village of Shorewood, IL ... or any of the surrounding Chicagoland area, it's important to work with an experienced, knowledgeable mortgage lender. Contact me today to receive the information and assistance you need to successfully build or purchase a home. I will put my 35 years of mortgage experience and expertise to work on your behalf.

I can be contacted at any of the following:

Direct: 815.277.4036 Cell/Text: 708.921.6331

Email: gmundt@thefederalsavingsbank.com

Website: www.genemundt.com

Skype: 630.219.1316

Click Here 4 a: NO Cost NO Obligation Mortgage Consultation

I also can be found via mobile at:

m.genemundt.com

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Investing in Commercial Real Estate is as Easy as ... ABC

Kim McMahon, Executive Realty Group - North Chicagoland, IL (Contributing Writer): Posted on Tuesday, September 27, 2011 11:05 AM

Investing in Commercial Real Estate can be as easy as A-B-C.

Alright maybe not, but knowing your ABC’s can save you a lot of time and frustration. Certainly when your deciding what and where to invest.

Commercial properties are defined -or classified- by a letter system. While classifying can get a little fuzzy -let’s just say it’s subjective.

Here are some basics to get you started:

Building Classifications

Class A:

Are newer properties built within the last 15 years and have the most amenities, highest earning tenants, and typically demand the highest rents with little -if any- deferred maintenance. Usually owned by institutional investors -REITS- have the lowest cap rates, highest per unit prices and have the most potential for appreciation, but lowest cash flow starting out.

Class B:

Are generally 15-30 years old, have some amenities, have low deferred maintenance. Institutionally owned, or by high net worth individuals, have appreciation potential with decent cash flow from the beginning.

Class C:

Are 30+ years old with fewer amenities, have more deferred maintenance and higher cap rates and can have lower occupancy rates. Tenant base can include government subsidized tenants. Usually owned by private investors or investment groups. Provide higher cash flow and cap rates, but generally have lower appreciation.

Class D:

Are older buildings in challenging neighborhoods. Have no amenities and high deferred maintenance. Tenant base may require intensive management. These properties have double digit cap rates and little appreciation potential. While these buildings by the numbers may look like cash cows, collecting rents can be challenging and what is collected may be eaten up by deferred maintenance. These kinds of buildings are not suggested for the first time investor.

Neighborhood Classifications

The classifications for neighborhoods are very similar to the buildings and use the same A,B,C & D lettering system.

A- Newer growth areas

B- Older, stable areas

C- Older, stable or declining areas

D- Older, declining, potentially rapidly declining areas

Hopefully, this will help you both decide the what and where to invest in. It will also give you the ability to better describe to someone else what you want.

Contact Kim McMahon:

Kim McMahon Commercial Realtor Executive Realty, LLC (630) 306-1057 ...

www.investchicagonorthshore.com

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Zoning and Building Classifications

Village of Shorewood, IL Takes Pro-Active Measures to Boost Construction and Local Employment for 2012 and Beyond

Investing in Commercial Real Estate is as Easy as ... ABC