HomeMy WebLinkAboutORDINANCE - 3503 - 7/18/2017 - Beneficial Interest Section 3-2-5-A ORDINANCE NO. 3503
AN ORDINANCE AMENDING THE DEFINITION OF "BENEFICIAL INTEREST"
SET FORTH IN SECTION 3-2-5-A OF THE ELK GROVE VILLAGE CODE
WHEREAS, Section 3-2-5 of the Village Code established and regulates the Village's
Real Estate Transfer Tax; and
WHEREAS,Paragraph A, Definitions, of Section 3-2-5 defined`Beneficial Interest" as
an interest in a land trust, which, when the Section was enacted into law, was the sole legal entity
which incorporated a beneficial interest in real property; and
WHEREAS, In recent years, the definition of`Beneficial Interest"has expanded and
now incorporates additional legal entities thus requiring the Village to amend its Code
accordingly.
NOW, THEREFORE, BE IT ORDAINED, by the Mayor and Board of Trustees of the
Village of Elk Grove Village, Counties of Cook and DuPage, Illinois as follows:
Section 1: That Section 3-2-5-A Definition as it concerns `Beneficial Interest"relating
to the Village's Real Estate Transfer Tax, be amended to read as follows:
BENEFICIAL INTEREST includes, but is not limited to:
1) The beneficial interest in an Illinois land trust;
2) The lessee interest in a ground lease (including any interest of the lessee in the related
improvements)that provides for a term of 30 or more years when all options to renew
or extend are included, whether or not any portion of the term has expired; or
3) The indirect interest in real property as reflected by a controlling interest in a real
estate entity.
Section 2: That since the original adoption of the Village's Real Estate Transfer Tax, the
definition of a beneficial interest was not intended to be exclusive in nature but incorporating all
beneficial interests in existence from time to time and thus it is and has been the policy of the
Village that all beneficial interests which have derived from or otherwise established as legal title
holding entities involving a beneficial interest in real estate are subject to the Village's Real
Estate Transfer Tax.
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Section 3: That the Village Clerk is authorized to publish this Ordinance in pamphlet
form.
Section 4: That this Ordinance shall be in full force and effect from and after its passage,
approval and publication according to law.
VOTE: AYES: 6 NAYS: 0 ABSENT: 0
PASSED this 18' day of July 2017.
APPROVED this 18th day of July 2017.
APPROVED:
Mayor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
Loretta M. Murphy,Village Clerk
PUBLISHED this 21St day of July 2017 in pamphlet form.