Diocesan Office Building Buying & Selling Fiasco

ബിഷപ്‌ അങ്ങാടിയത്തിന്‍റെ വെള്ളയാന

Proof of Syro Malabar Diocese “TOTAL MISMANAGEMENT”


(All relevant links are attached. Tax detail can be obtailned from Cook County Treasurer Office.)

http://www.cookcountytreasurer.com/paymentresults.aspx?ntopicid=3&banktype=1

Property Index Number (PIN): 15-07-210-024-0000


Syro Malabar purchased the office building for 760K on 06/07/2006. (Purpose: You can have your own guess)

Address: 5544 St. Charles, Berkeley, 60163-1209



A Little HISTORY prior 06/07/2006
Prior owning this building, the property was owned by Advanced Holdings LLC and the transaction & building history are given below. Advanced Holdings LLC bought the property for 800K.

Reference: MLS# 05026953

BUILDING REMARKS

Remarks: OUTSTANDING CORNER LOCATION! APPROXIMATELY 14,000 LEASE- ABLE SQ. FT. OFFICE BUILDING. EXCELLENT RETURN AND UPSIDE POTENTIAL. REAR OUTDOOR PARKING LOT W/ ADDT'L PARKING UNDER BLDG.OWNER WILL SUBSIDIZE VACANCIES FOR 6 MONTHS IN THE FORM OF CASH CREDIT AT CLOSING! VERY NEAR I-290 ON BUSY STREET.A REAL MONEY MAKER! CALL TODAY!

Owner’s Specification

Crane at the ready for demolition

Gross Rental Income/Month: $174,015
Total Income/Month:
Total Income/Annual: 174015
Annual Net Operating Income: $130,514
Net Operating Income Year: 4
Cap Rate:
Real Estate Taxes: $19,549
Tax Year: 4
Total Annual Expenses: 43550
Expense Year: 4
Expense Source: Owner Projection
Loss Factor: 0



Public Information
http://chicagotribune.public-record.com/realestate/streetview/2042500
http://chicagotribune.public-record.com/realestate/results

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Now SYRO MALABAR DIOCESE purchased the building for 760K
public information states that 760K on 6/7/2006 and spent a large sum amount money on improvements (I do not have the details) and finally sold it to the village of Berkley for a discounted price of 275K. I think we are very generous with our catholic values and we like to throw our money.

-- Interesting Finding: I cannot find any transaction tail on this 760K transaction. It's not in MLS. How did the Diosece find the property? How? I have no answer.


City bought back the building for 275K
See the latest Berkely Mayor’s Letter at http://www.berkeley.il.us/MayorsLetter.htm

In July, the Village completed the installation of decorative lightpoles east of Wolf Road along St. Charles Road. The installation of these poles was partially funded through the Village’s tax increment financing (TIF) district which was established in 2001 to improve the viability of the St. Charles Road commercial corridor. Investing in the TIF district has and will continue to increase sales tax revenue and therefore decrease the Village’s reliance on property taxes. In February, the Village used this TIF funding to purchase 5544 St. Charles and will be demolishing the building in the near future to encourage redevelopment of the site. Although economic development opportunities are far and few between during this trying economy, the Village will continue to plan and prepare for future redevelopment opportunities.

Comment:
Compiled by a STRONG Catholic Believer in Chicago and I am totally frustrated by church’s mismanagement of the MONEY.
We all know that the Diocese does not know how to handle the money. Please put a consulting company in charge to give some advices once in a while. And pray to “Crucified Jesus” to give you some more financial wisdom.

5544 ST CHARLES RD BERKELEY 60163-1209 $762,500 6/7/2006 6/2/2006 ADVANCED HOLDINGS I LLC
ST THOMAS SYRO-MALABAR CATHOLIC DIOCESE CHGO 15-07-210-024-0000 PROVISO

Reference Link: http://www.chicagobusiness.com/downloads/Real200606a.txt

Sales History: ( MLS Tax History) More History

Recording Date: : 03/17/2010 06/07/2006 11/01/2005 11/29/2000
Sale Price: : $275,000 $762,500 $800,000
Buyer Name: : Village Of Berkeley St Thomas Syro-Malabar Catholic Advanced Holdings  LLC Trust 1-4956
Seller Name: : St Thomas Syro-Malabar Catholi Advance Holdings I Llc Trust 1-4956 Trust 10167
Document No: : 7647009 15834032 30547134 935045
Document Type: : Warranty Deed Warranty Deed Trustee Deed Trustee's Deed(Transfer)

Tax Details – A catholic church’s building – Do we own taxes? If so, add the following too between 2006 and 2010. (Tax Details from MLS on this building)
Jurisdiction Type Tax Year Tax Amount Chg ($) Chg (%)
Total Tax : : Actual 2006 $55,881
Total Tax : : Actual 2007 $22,945 -$32,936 -58.9%
Total Tax : : 2008 $28,983 $6,038 26.3%

The hard earn money from Syro Malabar people is used for purchasing the above building. And as you have seen, our Diocese lavishly spent 760K + 140K on Taxes + $$$$ on improvements

Now if you notice the latest letter from Berkely Mayor (Link is attached), they are going to demolish the 800K building. People can be fools but they have to do with their hard earned money.

Comment:
Compiled by a STRONG Catholic Believer in Chicago and I am totally frustrated by church’s mis-management of the MONEY.
We all know that you do not know how to handle the money. Please put a consulting company in charge to give some advices once in a while. And pray to “Crucified Jesus” to give you some more financial wisdom.