# Town of Cunningham v. Property Tax Appeal Board

> Appellate Court of Illinois · January 31, 1992 · 225 Ill. App. 3d 760

URL: https://www.frixlaw.com/law-library/cases/9740991

## Case

- **Full name:** The TOWN OF CUNNINGHAM, Plaintiff-Appellant, v. PROPERTY TAX APPEAL BOARD Et Al., Defendants-Appellees
- **Court:** Appellate Court of Illinois
- **Decided:** January 31, 1992
- **Citations:** 225 Ill. App. 3d 760; 167 Ill. Dec. 304; 587 N.E.2d 573
- **Precedential status:** Published
- **Opinion:** Concurrence by Lund
- **Judges:** Steigmann, Lund
- **Cited by:** 5 later opinions in the Frix Law Library

## Citator (automated)

- No negative treatment found by the automated citator. That is not the same as a confirmation that the case is good law; read the citing cases.
- Full citator and citing cases: https://www.frixlaw.com/law-library/cases/9740991

## Opinion text

JUSTICE LUND, specially concurring:
I specially concur only to warn those who consider this opinion to not miss the forest because of the trees. Some pretty fancy financing was going on with Carson Pirie Scott & Company in fiscal years 1986 and 1987.
There was a plan to concentrate on retailing. The 1987 annual report discusses liquidation of the catering and food business, while adding the Minnesota-based Donaldson’s department stores. County Seat specialty stores were also being added. Financing was a major concern.
The increase in sale price from $6 million to $9,300,000 resulted in an increase of almost $400,000 in annual rent payments for 15 years. If the annual $400,000 was paid at the rate of $33,333 per month, the monthly payment would come very close to liquidating a 15-year $3,300,000 note carrying a 9% interest rate.
The tax effects of such transactions are complicated, but are necessary corporate considerations. These considerations have little to do with the fair market value of, and the reasonable rental return from, real estate investments.

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Source: Frix Law Library, https://www.frixlaw.com/law-library/cases/9740991. Public record. Not legal advice.