HARWOOD HEIGHTS, Ill. (CBS) — Residents of one Chicago suburb say it doesn’t make any sense: a plan to take a multi-million-dollar piece of property and sell it to a developer for $100.
Harwood Heights residents sounded off Thursday on what some call a raw real estate deal.
Critics say the village is planning to buy a plot of land for $3.8 million dollars and then sell the property to a developer, the Bradford Group, for $100.
A grocery store would be built on the land.
“This guy is worth millions of dollars,” Village Trustee Demetrios Mougolias said. “Why would the taxpayer, who barely is getting by right now, who cannot even make ends meet, why would they have to subsidize his property, or his business?”
Supporters of the plan say it’s really an incentive to bring in a business that would create jobs and generate hundreds of thousands of dollars in tax revenue every year.
“The primary perk is that it’s going to open up jobs. It’s going to provide many job opportunities to our community, especially now that the economy is still struggling,” Trustee Michael Gadzinski said.
The Village Board approved the plan 4-3 Tuesday, but critics say the issue isn’t settled.