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PROPOSED RESOLUTION
RESOLUTION HONORING THE COOK COUNTY LAND BANK AUTHORITY (CCLBA) ON ITS 10TH ANNIVERSARY FOR TRANSFORMATIVE IMPACT ON COOK COUNTY NEIGHBORHOODS
WHEREAS, 10 years ago, the Cook County Land Bank Authority (CCLBA) was established through the leadership of Cook County Board President Toni Preckwinkle and Cook County Board Commissioner Bridget Gainer (10th District) with the mission of revitalizing vacant and tax-delinquent properties across Cook County, fostering economic growth, and enhancing the quality of life for residents; and
WHEREAS, over the past decade, the CCLBA, in partnership with local developers, business owners, and residents, has transformed the landscape of many Cook County neighborhoods, replacing vacant lots and abandoned properties with single-family homes, multi-family buildings, thriving businesses, and urban gardens; and
WHEREAS, by streamlining the property acquisition process, clearing titles, and addressing back taxes, the CCLBA has made it possible for developers and community stakeholders to acquire and redevelop properties that were once financial burdens, leading to significant community revitalization; and
WHEREAS, the CCLBA has sold nearly 2,400 properties over the past 10 years as of Q1 ending in FY 2024, many of which were tax delinquent, and has generated an estimated $7.6 million in annual property tax revenue, with the overall value of these rehabbed properties exceeding $258 million; and
WHEREAS, the work of the CCLBA has delivered an estimated $1.8 billion in economic impact to Cook County and created or maintained over 1,400 jobs, with a public-private investment model that has returned approximately $9.77 in economic benefits for every $1 invested; and
WHEREAS, in addition to contributing to job creation and neighborhood revitalization, the CCLBA and its partners have fostered generational wealth, enhanced community vibrancy, and supported the development of new businesses and housing options, thereby strengthening the social fabric of Cook County; and
WHEREAS, the CCLBA has launched innovative programs such as the Equity Fund, which provides financial assistance of up to $20,000 for down payments and closing costs to help Cook County residents achieve homeownership, with the goal of increasing homeownership and unlocking new opportunities for many residents; and
WHEREAS, under the leadership of Executive Director Jessica Caffrey, the CCLBA continues to pursue creative solutions to housing challenges, including partnering with our county partners with modular housing initiatives aimed at reducing the number of CCLBA vacant lots and making acquisition of vacant and abandoned homes more affordable in targeted neighborhoods; and
WHEREAS, in 2023 alone, the CCLBA and its partners induced more than $16.2 million in private sector investment in tax-distressed properties, generating over $27.6 million in direct economic impact and creating or maintaining 137 jobs, marking the largest single-year investment since the Land Bank’s inception; and
WHEREAS, the CCLBA has increased awareness of its programs through strategic communications, resulting in the highest number of property purchase applications ever submitted in a fiscal year; and
WHEREAS, the CCLBA's ongoing efforts have made a lasting impact on neighborhoods, businesses, and families across Cook County, contributing to the overall economic and social well-being of the region;
NOW, THEREFORE, BE IT RESOLVED, that the President and Members of the Board of Commissioners of Cook County hereby honors and commend the Cook County Land Bank Authority (CCLBA) for its transformative work over the past ten years, its commitment to revitalizing communities, and its continued efforts to promote economic growth and homeownership throughout Cook County; and
BE IT FURTHER RESOLVED, that the President and Members of the Board of Commissioners of Cook County recognize the CCLBA’s vision and leadership in addressing housing challenges, reducing vacant properties, and fostering sustainable development across Cook County, and encourage ongoing support for its mission; and
BE IT FURTHER RESOLVED, that a copy of this resolution be presented to the Cook County Land Bank Authority as a token of appreciation for its dedication to building stronger, more vibrant communities.
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