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Illinois REALTORS® has issued a Call for Action to members urging them to stop a proposal which would hinder development and add needless administrative burdens to projects.
The association issued the Call for Action — the first of 2018 — on Thursday. Members can go to this link to send a message to the Cook County Board that it should back off a proposal that employees working on several classes of property be paid a “prevailing wage.”
The measure could come up for a vote on March 14.
Prevailing wages are typically higher than what might be paid on the private market. As a result, personnel costs would soar for owners and developers for these properties.
The policy would also carry with it time reporting and verification requirements, adding to the financial and regulatory burden for developers.
Cook County’s neighboring counties don’t have a prevailing wage requirement. Indiana, which competes aggressively for jobs and development with Illinois, does not have this requirement.
The proposal would require the prevailing wage to be paid on the following classes of properties:
- Class 6b (industrial)
- Class C (environmental remediation)
- Classes 7a, 7b. 7c (commercial)
- Class 8 (commercial/industrial)
- Class L (landmark)
Make your voice heard on this proposal. If enacted, this change could make some projects economically unfeasible and hinder development.
