A - D

Phytoremediation At Chestnut Street

ARA

Applicable or Relevant and Appropriate Requirement

Amenities

A feature or benefit received from a particular parcel of property, which increases the satisfaction received by the owner or user of that property. Amenities may be both natural, for example, location or scenic view, and manmade, such as a swimming pool or tennis court. Both material and manmade amenities increase the desirability of a certain location or parcel of land and thus that particular land will normally have a higher value than a parcel of land without the amenities.

Appraisal

To set the estimated worth of a good.

Assessed Value

A determination by a tax assessor of the value of a home in order to calculate a tax base

Brownfields

Brownfields sites are abandoned, idled, or under-used industrial and commercial facilities where expansion or redevelopment is complicated by real or perceived environmental contamination.

Bridge Financing

An interim loan on a project (in brownfields, for site acquisition or remediation costs) obtained while a developer is waiting to secure a permanent, long-term mortgage. Bridge financing is considered high risk.

Building Line

A line fixed at a certain distance from the front and/or sides of a lot, beyond which the building may not project.

City Ordinance

A law adopted by a town or city council, county board of supervisors or other municipal governing board.

CDBG

Community Development Block Grant

CGL

Comprehensive general liability is a type of insurance policy covering a broad range of claims not specifically excluded and may include coverage for releases of pollutants.

Collateral

        Real or personal property given, assigned or mortgaged to secure a loan or other obligation. In real estate lending, typical collateral is the property pledged or mortgaged by a borrower to a lender to secure a loan.
Comfort Letter

       Formerly known in Illinois as a "4Y." also know as a "no further remediation" letter. A letter issued through the Illinois voluntary clean-up program when a site complies with the program’s requirements, saying that a property is clean enough for use and that no future enforcement action is expected, unless certain conditions.
Commercial and Industrial Tax Reactivation Program

        Operated by the Community Development Division of the Chicago Department of Planning and Development; designed to help restore tax-delinquent properties to productive use. Permits the city to foreclose on properties with tax delinquencies over 2 years old and turn them over for private redevelopment.
Covenant

        An agreement by a borrower to perform or act in a certain manner during the term of the loan.

Community Relations Plan

      A Community Relations Plan is a formal plan describing EPA community relations activities at a Superfund Site. The plan identifies issues of community concern and presents community relations activities to be conducted by EPA during RI/FS activities at the Site.

Debt Service

In single terms, the debt service is the amount or service "fee" that the lender requires for a loan advance. This amount is of crucial importance to the borrower because it will often absorb the largest portion of the cash flow from the property. The amount of the debt service, slong with the loan term, is also a determining factor in setting the amount of the loan itself. Naturally, the higher the interest rate on a loan, the higher the debt service (other things being equal). Also, the shorter the loan term, the faster the loan principal must be repaid and, consequently, the higher the debt service and vice versa.

Debt Service Ratio

Also called the debt coverage ratio (DCR), is a measure in which lenders can evaluate the potential for risk of an income property loan. It is a measure of financial risk and indicates the project’s ability to cover debt service payments. It is the "buffer" or "cushion" between the NOI and the debt service (NOI divided by the debt service). Generally, the lower the DCR, the higher the risk to the lender and vice versa. When lenders perceive that a project is high risk, they will require a higher DCR to lessen the potential for risk of the loan.

Deed Restriction

A private legal restriction on the use of land contained in the deed to the property or otherwise formally recorded.

Delegate Agency

Community-based nonprofit group funded by the Department of Planning and Development to carry out city programs.

Demolition Lien Foreclosure

A legal process through which the city can acquire title to a property by foreclosing on a demolition lien.

Demolition Order

A legal process that gives the city authority to enter and investigate an abandoned site. Without it, the city would be trespassing. In brownfield redevelopment, first a demolition order is issued, then the building is demolished, and a lien is recorded. Finally, the city forecloses on the lien to gain legal title to a property.

Due Diligence

The process of evaluating the environmental condition of a parcel of land, usually in connection with a real estate transaction.