Oak Park Mall again avoids forfeiture
Published 11:16 am Sunday, June 22, 2014
Just like last year, the owners of Oak Park Mall avoided tax forfeiture on part of the property.
Oak Park Mall Ltd. Partnership — which consists of Martin Graff of M H Graff & Associates Inc., and Martin Goldman of M J Goldman & Co. Ltd., both of Chicago — entered a confession of judgment to pay back more than $20,000 for three years of unpaid property taxes on the property, according to Auditor-Treasurer Doug Groh.
The lots in question didn’t include any parts of the mall building. The mall owed more than $15,000 on lot nine, which consists of the oak trees near Interstate 90. The mall also owed more than $5,000 on lot 10, the parking lot behind Shopko.
A confession of judgment means the mall must pay back 20 percent of the due balance every year for five years and remain current on current property taxes for those parcels.
Last year, the mall owners paid $378,170 owed on lots 1 and 11 a few weeks before the property was set to forfeit. Lots 1 and 11 include Younkers, the CineMagic 7 movie theater, and all other tenants except Shopko, which is owned by the retailer.
A little more than a year later, the mall is again behind on those two lots, as it owes a year and a half of property taxes — more than $111,000. However, mall ownership has until 2017 before those lots forfeit.
Taxes on lots 1 and 11 will not affect the confession of judgment on the other parcels.