What the Edgewater Historical Society pledges...

What the Edgewater Historical Society pledges to do for non-institutional owners of contributing buildings in an East Edgewater City of Chicago Landmark District.

  • Furnish to the owner a metal plaque indicating its Landmark status. (Plaque furnished only if owner pledges to affix plaque to front façade of building.)
  • Offer without charge information on Tax Freeze Program and technical assistance on preparing an application for obtaining freeze.
  • Host an informational conference with the Façade Easement specialist of the Landmark Illinois organization to explain the Federal income tax benefits of making a donation of an easement. This organization is licensed by the Internal Revenue Service to receive donations.
  • If, after the property is officially designated as a contributing structure in a Landmark District, the property is assessed at its teardown value rather than its value as a home, the EHS will assist the homeowner appeal of the assessment in a group action to the Cook County Assessor.
  • When owner sells his or her property,
    • Offer financial assistance equal to at least $500 for marketing above and beyond what an agent would ordinarily do.
    • Offer the services of an EHS member real estate agent who would waive his or her commission if he or she were to obtain the listing. Based on a sale price of $750,000 and the normal 6% percent total commission that would amount to a minimum of $11,250 savings (1/4th of $45,000), but could amount to $22,500 if there were no buyer’s agent involved.) Note: (1) the seller will still be billed for out-of-pocket expenses incurred by the agent and (2) this offer is contingent on the EHS member real estate agent being engaged in the Chicago real estate business when the home is offered for sale and being willing to offer his or her services beyond the one commission to which she committed. To date, three members have offered their services.

These offers are made only once for each contributing structure, except that EHS will facilitate a informational meeting with the Façade easement specialist of Landmarks Illinois for each new owner if a donation of an easement has not already been made. It is expected that these offers will be taken up by the owner of record after the City Landmark District is approved by the City Council, if indeed it is.

March 2008