The developer of a prominent downtown Oak Park condo building has finally paid his property taxes, nearly a year after they were due. Homeowners in the property can breathe a sigh of relief, as they feared they would have to shell out their taxes twice.
RSC & Associates paid the remaining balance of the $515,000 it owed in property taxes for the 1120 Club building on Lake Street on Oct. 29. But after waiting a year past the original Nov. 3, 2008 due date to pay up, RSC is paying $68,000 in late fees, said Township Assessor Ali ElSaffar.
RSC finished the 1120 Club – a mixed-use building with condos, a gym, Bar Louie and Lane Bryant women’s store – in 2007. They got a fright in October of last year when they received a property tax bill totaling $1.9 million for the entire building.
So the developer filed a certificate of error to try and reduce the bill and paid $135,000 to help minimize any interest payments. RSC alleged that it didn’t get its tax bill until after the appeal period had ended.
Condo owners put down their property tax money when they bought their units in the 1120 Club. Some feared that the developer wasn’t going to follow through and owners would end up having to pay their taxes again.
Residents of the building publicly considered suing the developer over the tax issue and later filed a complaint over purportedly shoddy construction at the 1120 Club.
RSC eventually won out and got its property taxes dropped to $515,000 in May. For some reason, the developer waited until the end of October to pay the remaining balance on the bill. CEO Richard Curto could not be reached for comment late Monday.
The situation won’t arise again with this year’s tax bills, as the county assessor has now broken the single tax tab into dozens of pieces so individual property owners can pay each of their shares on their own, ElSaffar said.
“Now, if Mr. Curto doesn’t pay his bill, it doesn’t affect anyone else,” he said. “I think it’s a great relief for people there because they can go about their business.”