Bill > HB1571

This bill establishes the Land Bank Authority Act, which allows municipalities and counties in Illinois to create land banks - public governmental entities designed to address vacant, abandoned, and tax-delinquent properties. The primary purpose is to transform these unproductive properties back into valuable assets that can stimulate economic growth, stabilize neighborhoods, and positively impact local tax bases. Municipalities and counties can create a land bank through three methods: (1) home rule municipalities or counties can pass an ordinance, (2) multiple municipalities and counties can enter into an intergovernmental cooperation agreement, or (3) existing land banks formed prior to this Act can be recognized under its provisions. The bill emphasizes that land banks serve a public purpose and should be interpreted broadly to achieve their goals. Importantly, the Act does not restrict existing powers of municipalities and counties to create or operate land banking entities, but instead provides a formal framework for such organizations. The legislation recognizes that vacant and abandoned properties pose significant challenges to community health, safety, and property values, and seeks to provide a structured approach to addressing these issues.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1571&GAID=18&DocTypeID=HB&SessionID=114&GA=104