Title/Name/Summary
Tenant Relocation Payment - Lang Lee II Restaurant
History
As part of the acquisition of the Orland Plaza, the Village of Orland Park is required to pay for relocation costs for affected businesses. The Village follows regulations in accordance with the Uniform Relocation and Real Property Acquisition Policies Act of 1970. The Village has finalized the relocation costs for Lang Lee II, which was located at 9650 W. 143rd Street. Lang Lee choose to close its business and liquidation was completed on October 27, 2011.
The Federal Uniform Relocation Act defines how payment must be made when a business chooses to close in lieu of relocation. This is defined as a direct loss of tangible personal property (DLP) claim. The eligible payment amount for a claim for a DLP is computed as follows:
The value in place for continued use as determined by a personal property appraiser, less proceeds from sales if any,
Or
The estimated cost to move and reinstall the personal property not to be moved, whichever is less.
Based upon the current law, Lang Lee is entitled to a payment of $219,739.45. This is the lesser amount of the Estimated Relocation cost versus the Value in Place Cost. In determining this amount, the Village worked with Annette Favia Relocation Consulting Services and obtained written appraisals and cost estimates for relocation.
The Development Services Committe recommended for approval (3-0) on November 21, 2011.
Financial Impact
Funds for this expenditure are budgeted in the Main Street Triangle TIF Fund.
Recommended Action/Motion
I move to approve a relocation payment in the amount of $219,739.45 to Lang Lee II Restaurant.