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Tuesday, June 26, 2018

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.  You can listen to this podcast episode here

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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