“BENEFICIAL INTEREST IN REAL ESTATE.” Includes, but is not limited to:
(1) The beneficial interest in an Illinois land trust;
(2) The lessee interest in a ground lease (including any interest of the lessee in the 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; and
(3 The indirect interest in real property as reflected by a controlling interest in a real estate entity.
“CONTROLLING INTEREST”
(1) Fifty percent (50%) 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 natural person, receiver, administrator, executor, conservator, assignee, trust in perpetuity, trust, estate, firm, co-partnership, joint venture, club, company, joint stock company, business trust, municipal corporation, political subdivision of the State of Illinois, domestic or foreign corporation, association, syndicate, society or any group of individuals acting as a unit, whether mutual, cooperative, fraternal, nonprofit, or otherwise, and the United States or any instrumentality thereof. Whenever the term "PERSON" is used in any clause prescribing and imposing a penalty, the term as applied to associations shall mean the owners or part owners thereof, and as applied to corporations, the officers thereof.
“REAL ESTATE ENTITY.” Any person (other than an Illinois 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 village, whether for personal use, the production of rental income, or investment. It shall be presumed, unless proved otherwise, that an entity is a real estate entity if it owns directly or indirectly real property located within the Village of Tinley Park 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.
“RECORDATION.” For deeds to be recorded in Will County, the recording of deeds through the Will County Recorder of Deeds. For deeds to be recorded or registered in Cook County, the Cook County Clerk's Office and the Registrar of Titles of Cook County.
“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 Village of Tinley Park, "TRANSFER PRICE" means only that portion of the consideration attributable to the transfer of such real property or such beneficial interest.
“VALUE.” The amount of the full actual consideration for any transfer covered hereunder, including the amount of any mortgage or other lien to which the sale is subject or the amount of any mortgage or other lien assumed by the grantee or purchaser.
(Ord. 2023-O-055, passed 12-5-23)