Creating new housing, growing the tax base, and removing blight throughout Northern Illinois – the positive impact of Land Banks as an Economic Development Tool
Land banks are public authorities or non-profit organizations created to acquire, hold, manage, and sometimes redevelop property to return these properties to productive use to meet community goals, such as increasing affordable housing or stabilizing property values.
Region 1 Planning Council’s Northern Illinois Land Bank Authority was created in early 2019 as a blight fighting tool in our region. The land bank has grown to 11 members, spanning five counties in Northern Illinois. The land bank takes abandoned properties that are delinquent on property taxes and repurposes them for future private sector investment. Without the land bank’s intervention, properties would continue to deteriorate, likely to a point of costly demolition.
The event will highlight Region 1 Planning Council’s work in Northern Illinois and its continued effort to fight blight. You will hear from Region 1 staff and partners in development, who have successfully acquired and rehabbed land bank properties. The impact of property transformations for municipalities and neighborhoods will be highlighted. Also, future opportunities to purchase government property and partner in its redevelopment, will be discussed.
Speakers will include Rockford Mayor Tom McNamara, Region 1 Planning Council Executive Director Michael Dunn Jr., Land Bank Coordinator Eric Setter, and various local developers who have success stories to share.
Original source can be found here.
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