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Speaking at a national conference on vacant property and land use in June 2012, Cook County Board President Toni Preckwinkle announced her vision for a Cook County Land Bank. Moving forward since then, under the leadership of President Preckwinkle, the Cook County Land Bank Authority has been established. Our feature shows the actions and documents leading to the establishment of the Cook County Land Bank Authority, in date order, starting with the most current information.
May 23, 2013 - Cook County Land Bank Authority Board of Directors on Thursday, May 23, 2013 at the hour of 8:00 AM, at the
Metropolitan Planning Council located at 140 S Dearborn, Fourteenth Floor, Chicago IL.
To register as a public speaker, email Info@CookCountyLandBank.org
CCLBA Board Meeting Agenda and Back-Up Materials for May 23, 2013 meeting:
May 20, 2013 – CCLBA Search Committee Meeting: Notice & Agenda – There will be a meeting of the Search Committee of the Cook County Land Bank Authority
on Monday, May 20, 2013 at the hour of 3:00 PM, at the Metropolitan Planning Council located at 140 S Dearborn, Fourteenth Floor, Chicago, IL.CCLBA Search Committee Notice & Agenda for May 20, 2013 meeting: http://www.cookcountylandbank.org/board-meeting-4252013/
April 25, 2013 – CCLBA Board of Directors meeting 8:00 AM Metropolitan Planning Council
140 S Dearborn Suite 1400, Chicago IL 60603
March 27, 2013 – There will be a meeting of the Cook County Land Bank Authority Board of Directors on Wednesday March 27, 2013, 8:30 a.m., on the 35th Floor East Conference Room, George W. Dunne Cook County Administration Building, 69 W. Washington Street, 60602, to discuss the development of the organization and its operations. Please view Public Notice.
- CCLBA Board of Directors Resource Binder - March 27, 1013
- Supplemental Information:
–Ethics Training – March 27, 2013
–CCLBA Organization Description – March 27, 2013
February 7, 2013 – President Preckwinkle Attends Roundtable on Cook County Land Bank Authority
February 5, 2013 – Press Release - President Preckwinkle Names Cook County Land Bank Authority Board Of Directors
January 31, 2013 - Notice of Grant received from the Searle Funds at The Chicago Community Trust to underwrite start-up activities of the Cook County Land Bank Authority
January 16, 2013 - Press Release – Cook County Board Creates Land Bank Authority
January 15, 2013
The Finance Committee of the Cook County Board will be holding a meeting regarding the proposed Cook County Land Bank on:
Tuesday, January 15, 2013
at 11:30 a.m.
Cook County Board Room
118 North Clark Street, 5th Floor
Chicago, IL 60602
This meeting is open to the public.
December 18, 2012 – Press Release - President Preckwinkle and Commissioner Gainer Introduce Ordinance to Create a Cook County Land Bank
LBAC Meetings and Materials – Land Bank Advisory Committee (LBAC) Meetings and Materials
President Preckwinkle Lays Out Vision for Cook County Land Bank
at 2012 Reclaiming Vacant Properties Conference June 26, 2012
Speaking at a national conference on vacant property and land use, Cook County Board President Toni Preckwinkle today announced her vision for a Cook County Land Bank, an entity that is granted specific powers with the purpose of returning vacant and abandoned property to productive use.
Preckwinkle told participants of the “2012 Reclaiming Vacant Properties Conference” hosted by the Center for Community Progress that the need to pursue a Land Bank policy in the absence of state legislation, contrary to the majority of Land Bank models across the country, has grown more urgent than ever as nearly 10% of housing units are now sitting vacant in Cook County and more than 85,000 foreclosure cases are currently pending. Preckwinkle said that despite budget constraints at all levels of government, the time has come to tackle the foreclosure epidemic head on.
View Video Clip
Under the blueprint laid out by President Preckwinkle, the Cook County Land Bank will be a tool of economic development designed to acquire, hold, and transfer property for reuse. The first step will be to create a Land Bank Authority. While Cook County is evaluating several potential models, it is intended that the Land Bank Authority will be a not-for-profit redevelopment authority established under the County’s charter in partnership with the Bureau of Economic Development; the Land Bank Authority would be able to receive capital and acquire properties. Redevelopment entities and municipalities will target strategic, unproductive properties that they would like to acquire and redeploy through a redevelopment plan. The Land Bank Authority will then acquire the property through a number of potential mechanisms, including: transfer from government, transfer from a bank or a lending institution, direct purchase, or no cash bid at the scavenger sale.
Once the Land Bank Authority has acquired the property it is anticipated that the property will be held tax free for a pre-negotiated period of time, ideally one to four years. The properties obtained by the Land Bank Authority are, by design, properties in distressed areas and typically have a relatively low value at the time of sale. Land Banks are not designed to compete with private developers, but rather go to areas where many have yet to find value, while also deterring speculative interest that can cause further blight.
During the period of time the Land Bank Authority holds property, the Land Bank will manage the vacant and abandoned properties with the goal of making them more marketable and prepare them for transfer to responsible owners. Many land banks have the authority to abate delinquent taxes, clear title, remediate nuisances, and demolish dangerous buildings. This activity is expected to take properties that were once of little interest and blighting influences on their communities and make them more desirable for potential owners. Finally, the Land Bank will transfer the property to the redevelopment interests or municipality for reuse. Ultimately, the sale of targeted properties will help to capitalize a companion fund established to assist with financing the acquisitions and improvements.
“This is my vision for what the Cook County Land Bank can be, and I’m excited about the possibilities this can provide to the community and our neighbors in need of relief,” said Preckwinkle. “We have to do more to stem the tide of the foreclosure crisis in Cook County so we are hopeful this will greatly aid our efforts.”
While the scope of the Land Bank Authority will be Countywide, the President believes that the efforts of the Land Bank should begin through a pilot program in south suburban Cook County, facilitated by the South Suburban Mayor’s and Manager’s Association. This will allow for the County to adjust, alter and improve the process while the scope of the work is broadened to encompass the entire County.
The Land Bank and its companion fund will require start-up capital. Potential sources, Preckwinkle believes, include the foundation community, state and local grants potentially passed through the County, and federal CDBG funds.
President Preckwinkle’s announcement comes on the heels of a resolution introduced before the Cook County Board by Preckwinkle and Cook County Commissioner Bridget Gainer that creates a Cook County Land Bank Advisory Committee tasked with studying the feasibility and structure of a Land Bank. If passed, the resolution requires the President to name members to the Advisory Committee within 60 days. The committee will then have 60 days to provide recommendations to the President and the Board of Commissioners on a model or models for a Cook County Land Bank.
Contact UsCook County Bureau of Economic Development
69 W. Washington St
Chicago, IL 60602
312-603-1077 or 1000 (o)
E-mail us at: Info.Edev@cookcountyil.gov
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