CCLBA was formed by ordinance of Cook County in 2013 to address the large inventory of vacant residential, industrial and commercial property in Cook County. The ordinance was created after two extensive reports conducted by Cook County and Urban Land Institute. CCLBA is a unit of Cook County government, funded primarily with grants, contributions and revenues from transactions. CCLBA is the largest land bank by geography in the country and is governed by a Board of Directors appointed by Cook County President Toni Preckwinkle and the Cook County Board of Commissioners.
The Land Bank will acquire, hold, and transfer interest in real property throughout Cook County to: promote redevelopment and reuse of vacant, abandoned, foreclosed or tax-delinquent properties; support targeted efforts to stabilize neighborhoods; stimulate residential, commercial and industrial development- all in ways that are consistent with goals and priorities established by local government partners and other community stakeholders.
Working independently and with/by request of municipal and other partners, CCLBA will acquire properties, liens, notes or deeds through purchase, donation, forfeiture and other transfers. CCLBA will hold title and maintain properties tax free. CCLBA will extinguish delinquent taxes and liens as permitted by law, and, in some cases, demolish/deconstruct buildings, with the intent of preparing property for conveyance back to “the market” or to other uses. CCLBA will also lease/adopt interim uses for properties as necessary and appropriate.
Operate in a manner consistent with plans and priorities developed by local and municipal officials, other municipal bodies and community stakeholders;
Establish an efficient property disposition process for transferring properties to responsible parties, who will return them to productive use in a timely manner and consistent with the mission;
To the extent possible, strive to increase affordable housing, generate jobs, promote economic development, and promote sustainable communities.