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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, th...
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