Monday, October 06, 2008
THE FRANCISCAN TAX-FREE HIGH RISE
I wonder what the other side to this story, linked at New Oxford Review, might be? From the viewpoint of Chicago News, it sounds rather dishonest and incriminating.
It seems some Franciscan nuns in league with Loyola University have erected a senior citizen high rise on property that is argued to be Church owned and thus tax exempt. Condominiums in the high rise were sold to the wealthy for $1.5 million each and included gourmet dining, concierge and housekeeping, valet parking, an aquatic center and day spa plus an art gallery. The sale included a promise of living property tax free apparently indefinitely.
Now the tax status of the property is being challenged.