Orland Park’s controversial upscale apartment building, Ninety 7 Fifty on the Park, has reached a key financial benchmark that critics doubted was possible.
For six months, the 295-unit apartment building has had at least 90 percent occupancy, which means that in January the village will begin splitting “excess net operating income” 50-50 with the developer.
Excess net operating income, Mayor Dan McLaughlin explained, is the amount of revenue generated by rents after the developer pays for operating costs such as maintenance and employee salaries…Please click here to read Phil Kadner’s column in the Southtown Star.