CCLBA Newsletter | April 5th, 2017
ANNOUNCING PHASE TWO OF THE TAX CERTIFICATE PROGRAM | COMMERCIAL/INDUSTRIAL PROPERTIES
The Cook County Land Bank Authority, on behalf of CCLBA Chairwoman Bridget Gainer and Cook County President Tony Preckwinkle, is excited to announce the second release of the tax certificate program. The first phase, launched February 1st of this year, involved the release of ~4,300 vacant, tax-delinquent parcels throughout Cook County and the City of Chicago. The official press release for the first phase can be found here.
This second phase is focusing on the release of 385 commercial & industrial parcels, which translates to 175 vacant and/or tax delinquent storefronts & warehouses scattered throughout Cook County.
Similar to the vacant lots that have been published, the commercial & industrial sites being made available have long been abandoned and near impossible to redevelop given the back taxes and fines imposed on the property that more often than not exceed the value of the property itself. Through this program, the Land Bank as a municipal agency is looking to effectively level the playing field in these communities and extinguish the outstanding tax amount so that an individual or organization who has a plan for putting these properties back into productive use has a clear path to do so.
Through these efforts, the CCLBA is aspiring for a neighborhood reboot in an effort to revitalize and restore our neighborhoods and municipalities. For more information on the program and to apply for a parcel, please visit our website or navigate to the webpage titled, 'Tax Certificate Program.'
CCLBA is also excited to announce that there are several new properties up on our website, which we encourage everybody to view and make an offer if so interested. To view a complete list of our entire property inventory, please click here for an excel spreadsheet. As always, for more information please visit our website for additional CCLBA news.
CHICAGO REHAB NETWORK - EMPOWERMENT SERIES 2017
April - December 2017 | Community Workshops
140 S. Dearborn Ave., Ste. 1420 | Chicago, IL. 60602
The Chicago Rehab Network's Community Development & Empowerment Series uses practical tools and the real-world knowledge of practitioners to build the capacity of students to effect positive change in communities through housing development. Graduates receive a certificate of completion well-known in the community development / affordable housing field.
The entire program consists of eight, two-day workshops beginning April 2017, and one workshop per month through December 2017. For more information, please click here or contact Rachel Johnston at firstname.lastname@example.org. Register here today!
CCLBA APPRECIATION LUNCHEON - SAVE THE DATE
June 1st, 2017 | 11:30 AM - 1:00 PM
Venue | To Be Announced
The Cook County Land Bank Authority would like to host an appreciation luncheon for all of our vendors, community developers, and extended network! More details will be made available, but it will be held on June 1st between 11:30 AM and 1:00 PM. Hope to see you there!
GENERAL REHAB GUIDELINES
The following includes important guidelines and procedures that the CCLBA would like every prospective homeowner and developer to know who wishes to do business with the Land Bank.
- Properties must be professionally redeveloped within 12 months of sale in accordance with local municipal building codes and procedures. Rehab process will be supported with periodic monitoring in order to ensure compliance. Quality of craftsmanship will will impact future transactions.
- CCLBA places a soft mortgage on the property to prevent selling without redevelopment. This mortgage will be released prior to the sale to homeowner provided the rehab has been completed.
- CCLBA does not provide financing for the purchase or rehab; however, CCLBA can make a referral to resources that will provide technical assistance & financing.
A one-page pamphlet can be found here, and we encourage everyone to visit our website or call us at (312) 603.8015 for more information on how to engage with the Land Bank.