summary
Introduced
01/28/2021
01/28/2021
In Committee
03/27/2021
03/27/2021
Crossed Over
Passed
Dead
04/08/2022
04/08/2022
Introduced Session
102nd General Assembly
Bill Summary
Creates the Community Improvement Land Bank Act. Provides for the creation of community improvement land banks by a county, municipality, or township, or any combination of those units, for the main purposes of advancing, encouraging, and promoting the industrial, economic, commercial, and civic development of a community or area and facilitating the reclamation, rehabilitation, and reutilization of vacant, abandoned, tax-foreclosed, or other real property within the county, municipality, or township for whose benefit the land bank is being organized. Provides procedures for creating the community improvement land banks, the powers of a land bank (including to purchase and sell tax delinquent properties), and the creation and composition of the board of directors of land banks. Limits the liability of the community improvement land banks. Allows the county, municipality, or township to have the land bank create a land reutilization program to facilitate the effective reutilization of nonproductive land situated within its boundaries and contains requirements of such a program. Defines terms. Amends various Acts and Codes making conforming changes. Effective Immediately.
AI Summary
This bill creates the Community Improvement Land Bank Act, which allows counties, municipalities, or townships to establish community improvement land banks for the purposes of advancing economic and community development, and facilitating the reclamation, rehabilitation, and reutilization of vacant, abandoned, tax-foreclosed, or other real property. The bill outlines the procedures for creating and governing these land banks, including their powers, the composition of their boards of directors, and requirements for audits and financial reporting. The bill also establishes a land reutilization program that allows land banks to acquire and manage delinquent tax properties, with provisions for transferring ownership and distributing sale proceeds. Additionally, the bill makes conforming changes to other laws, such as the Freedom of Information Act, the Illinois Finance Authority Act, and the Property Tax Code.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Rule 19(a) / Re-referred to Rules Committee (on 03/27/2021)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=367&GAID=16&DocTypeID=HB&SessionID=110&GA=102 |
| BillText | http://www.ilga.gov/legislation/102/HB/10200HB0367.htm |
| Bill | http://www.ilga.gov/legislation/102/HB/PDF/10200HB0367.pdf |
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