Orland Park is applying for a state economic development program that could unlock federal tax incentives for investors willing to redevelop Orland Square Mall and the surrounding area.
The village identified one eligible census tract — the only one in Orland Park — that contains the mall. If designated, investors could defer federal capital gains taxes for up to 10 years and receive permanent exemptions on those gains if they keep money invested in the zone for a decade.
Trustee Bill Healy, a local CPA, said the opportunity zone program was restructured in July 2025 with stricter eligibility criteria. Previously, 327 Illinois census tracts qualified. Now, only about 249 will be eligible—making the designation more competitive and potentially more valuable to communities that secure it…