You have been hearing the bad economic news from governments all over the world including federal and state governments and local communities. We have seen large layoffs at village hall with several departments outsourced, and several departments with only one person in them. Locally, we can be pleased that in one respect our village hall has been prudent in trying to handle the financial catastrophe.

Now comes news that Sertus Capital Partners wants out of the hotel agreement at Lake and Forest, and now wants to build apartments [With hotel out, village chips in less for Oak Park high rise, News, July 6]. This is really the best news for local taxpayers. Those of us in the apartment business know that we have been experiencing a mini boom in demand for quality apartment rentals. The results of this boom can be seen in stalled condo projects now going all rental, and some new apartment construction around the city getting financing.

Why is this good news for us? It means we do not have to in any way subsidize the construction of anapartment building in Oak Park. We do not have to give them our land in a land write down, we do not have to give them any cash, we don’t have to give them variances, we don’t even have to build them a parking garage. All of these things they can finance on their own. This good news may be the start of our tiny village getting out of the subsidy business.

Paul Hamer
Oak Park

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