Take it to the Bank! New Podcast Released
In a new episode of Quorom Forum (Ancel Glink's podcast), Ancel Glink’s Brent Denzin addresses blighted, vacant and abandoned properties. Brent discusses how land banks create a solution for community blight.
A land bank is an intergovernmental entity that’s
tasked with acquiring, managing, and disposing of property. Land banks exist in
different forms in every state. Illinois does not have a state statute that
enables land banks; they currently exist as a home rule unit of government
collaborating with non-home rule units. This is especially helpful, because
home rule units can use their powers on behalf of the land bank, and thus the
entity is not restrained by non-home rule powers.
Land banks utilize many areas of expertise in order
to legally and efficiently acquire these properties, including economic
development, real estate acquisition, and public works. These areas of
expertise are consolidated into one land bank that is able to work on behalf of
a wide area of municipalities or counties. The ability to pool resources among
multiple local governmental entities is one of the main benefits of land banks.
Once the property is in the land bank, it shifts to
asset managers. Asset managers that work for the land bank are constantly
driving around, assessing the properties and looking at conditions. The asset
managers try to figure out how to secure the properties, maintain the lawns,
etc. At the same time, the land bank has inside real estate staff or outside
realtors looking to sell the property who are going through the same process as
someone would with any other property with clean title.
Even if a land bank does not include a county, the
land bank will have to work cooperatively with their county because counties have
a tax trustee role and can go into court and file tax petitions for tax
delinquent properties. Usually the back taxes on a property is what causes it
to become blighted and deteriorated, so this power to acquire title is
important for a land bank. Overall, land banks are valuable tools that tackle
community deterioration and blight and can be formed any time under the
Illinois Intergovernmental Cooperation Act.
Learn more about landbanks or listen to our other Podcast episodes by visiting our Quorum Forum website at http://quorumforum.ancelglink.com
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