For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
BENEFICIAL INTEREST IN REAL PROPERTY. Includes, but is not limited to:
(1) The beneficial interest in a state land trust;
(2) The lessee’s interest in a ground lease (including any interest of the lessee in 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.
CITY. The City of Berwyn.
CITY COLLECTOR. The City Collector or his or her agents.
CONTROLLING INTEREST.
(1) Fifty percent or more of the combined voting power or fair market value of all ownership interests or beneficial interests in a real estate entity, whether the interests are owned by one or by several persons; or
(2) The right of one or of several persons to receive, at the time of any distribution, 50% or more of the income or profits of a real estate entity.
PERSON. Any individual, receiver, administrator, executor, conservator, assignee, trust, estate, partnership, joint venture, club, joint stock company, business trust, political subdivision of the state, corporation, association, limited liability company, syndicate, society or group of persons acting as a unit, whether mutual, cooperative, fraternal, nonprofit or otherwise. Whenever used in a clause prescribing and imposing a penalty, the term PERSON, as applied to associations, means the owners or part owners thereof, and, as applied to corporations, means the officers thereof.
REAL ESTATE ENTITY. Any person (other than a state land trust), including but not limited to any partnership, corporation, trust or single or multi-tiered entity, that exists or acts substantially for the purpose of holding, directly or indirectly, title to, or beneficial interest in, real property located in the city, whether for personal use, the production of rental income or investment. It shall be presumed, unless proven otherwise, that an entity is a real estate entity if it owns, directly or indirectly, real property located in the city having a fair market value greater than 75% of the total fair market value of all of the entity’s assets, determined without deduction for any mortgage, lien or encumbrance.
TRANSFER PRICE. The consideration furnished for the transfer of title to, or beneficial interest in, real property, valued in money, whether paid in money or otherwise, including cash, credits and property, determined without any deduction for mortgages, liens or encumbrances, and specifically including the amount of any indebtedness or obligation canceled or discharged in connection with the transfer. In the case where the controlling interest in a real estate entity is transferred, and the real estate entity holds assets in addition to title to, or beneficial interest in, real property located in the city, the term TRANSFER PRICE means only that portion of the consideration attributable to the transfer of the real property or the beneficial interest.
TRUST DOCUMENT. The document required to be recorded under the Land Trust Recordation and Transfer Tax Act, ILCS Ch. 765, Act 420, §§ 1 et seq.
(Ord. 94-13, passed 3-8-1994)