Are you a home owner of Lakeshore East or considering purchasing there? The Lakeshore East development is a unique area in the New Eastside neighborhood of Chicago, surrounded by modern buildings and lush green spaces. However, there is a piece of information that many residents may not fully understand - the Lakeshore East Special Service Area.
When Magellan Development initiated the Lakeshore East project in 2002, a 30-year bond was issued by the Bank of New York to fund the initial infrastructure, such as sidewalks, streetlights, and the first park. This bond was a crucial step in creating the vibrant community that exists today. Each unit in the new buildings, with the exception of Aqua and Parcel 0, was assigned a share of the assessment based on their ownership percentage. (Aqua and Parcel O were not a part of the original master plan)
Payments are due biannually on March 1st and September 1st every year, payable to the City of Chicago. Notably, the bond only covered the initial infrastructure costs and does not fund ongoing maintenance of the amenities in the area. It’s essential for residents to understand this distinction, as the Master Association was set up to fund the ongoing maintenance of the public space in Lakeshore East.
Roxanne has been overseeing the bond and payments since its inception and can be contacted at Roxanne.zuniga@bnymellon.com. The bond was refinanced two years ago, leading to reduced payments for residents. If desired, residents can opt to pay their portion in full. The bond is set to be fully paid off in 2032.
It’s crucial to differentiate between the New Eastside neighborhood and the Lakeshore East development. Existing buildings constructed before the Lakeshore East project are not part of the Special Service Area. The legal disclosure provided to original buyers outlines their responsibilities regarding the Special Assessment District, ensuring transparency in the process.
If you're selling your property, you'll be responsible for the assessment up until the point of sale. The subsequent owner will then take on the assessments for the years they own the property. It's vital to stay up to date with payments to avoid additional fees and potential property liens.
While the Lakeshore East Special Service Area doesn't guarantee ongoing maintenance of infrastructure and amenities, fulfilling your obligations within the Special Assessment District supports the continued success and vibrancy of Lakeshore East. By understanding and meeting these responsibilities, residents play a key role in maintaining the community they call home.
As Lakeshore East continues to thrive and evolve, it's essential for residents to stay informed and engaged in the processes that shape their neighborhood. Supporting the ongoing success of Lakeshore East through active participation and understanding of the Special Service Area is essential for the continued vibrancy of this unique community.
The New East Side Association of Residents website has more information and discussion.
