So what is a Cooperative?
Webster's defines a Cooperative as:
"co-op-er-a-tive. Pertaining to or designating any association of buying and selling to the better advantage of its members or participants by elimination of middleman's profit. A Cooperative business, society, etc."
That brief description accurately describes the not-for-profit Park Forest Cooperative IV, Area E.
Park Forest Cooperative IV, Area E was established in 1964. Area E Cooperative is comprised of 402, 2 story townhomes in Park Forest, Illinois. These townhomes are located on approximately 41 acres of grounds and 21 miles of sidewalks with many trees and landscapes which provide beautiful tranquility.
Becoming a member of the Cooperative, you purchase a share in the corporation. The Cooperative is managed by a Director of Administrative Services, hired by the Board of Directors. The Director of Administrative Services administers and implements the policies and procedures established by the Board of Directors, who are all members of the Cooperative.
Area E Cooperative has 2 and 3 bedroom units which the members purchase and make improvements (i.e. carpet, cabinets, bathroom upgrades, finished basements, window treatments, etc.) for a better resale value. Area E offers interior, end, duplex, side-drive and carport units. After initially purchasing a unit, the Member will pay a monthly carrying charge for all maintenance, taxes and their interest in the Cooperative. A portion of your investment may be tax deductible.
As a Cooperative member/shareholder, you have the convenience of maintenance personnel to service standard maintenance problems (i.e. air conditioning, furnace, hot water heater, plumbing, wiring, etc.). The Cooperative offers many cost-share programs for our Members to make improvements along with providing many improvements to every unit through ongoing projects.
Seven Good Reasons To Buy An Area E Cooperative
1. Ownership
The Area E Members own the Cooperative.
The Landlord owns an apartment.
2. Control
The Area E Members govern the Cooperative.
The Landlord governs the apartment complex.
3. Personality
Area E Members customize their Dwelling Units.
The Landlord dictates uniformity.
4. Taxes
Area E Members receive tax benefits.
The Landlord receives tax benefits.
5. Equity
Area E Members gain from equity growth
The Landlord keeps the equity growth.
6. Value
Area E Members benefit from increases in value.
The Landlord benefits from increases in value.
7. Cost
The Area E Cooperative maximizes benefits to its Members
An apartment complex maximizes profits to the Landlord.
| Board of Directors: |
| Craig Williams |
|
President |
| Jill Stanley |
|
Vice President |
| Martin Hahn |
|
Treasurer |
| Robert Barton |
|
Secretary |
| Patt Johnsen |
|
Director at Large |
| Sharon Walker |
|
Director at Large |
| John Zink |
|
Director at Large |
| Jodi Tas |
Property Manager |
Contact us for more info
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