A Look At What The Cook County Land Bank Hopes To Accomplish

In an effort to reverse the problems that have cropped up in a number of communities over recent years as a result of the rise in vacant and abandoned properties, the Cook County Board voted last week to create a countywide land bank, a move Board Commissioner Bridget Gainer is hopeful will act as a first step towards economic revitalization for some of the area’s most blighted neighborhoods. Last week, the Cook County Board voted unanimously in favor of forming the Cook County Land Bank Authority, which will be tasked with acquiring vacant and abandoned properties with the goal of making them taxable entities once they’re redeveloped. Similar to land banks located in other parts of the country, Gainer, who initially proposed the idea, said she envisions the function of the land bank to evolve over time, beginning with the acquisition of abandoned properties to try to “stop the bleeding” of declining home values and neighborhood blight.

Progress Illinois

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