City of Peoria - File #: 18-180

• File #: 18-180
• Version: 1
• Type: Resolution
• Status: Approved
• File created: 5/31/2018
• In control: City Council
• On agenda: 6/12/2018
• Final action: 6/12/2018
• Title: Communication from the City Manager and Director of Community Development with a Request to APPROVE the following: A) An Incumbency Certificate and RESOLUTION Accepting a Grant from the Illinois Housing Development Authority (IHDA) for the LAND BANK CAPACITY PROGRAM GRANT (LBCP), in the Amount of $150,000.00, and B) An Ordinance AMENDING The CITY OF PEORIA 2018-2019 BIENNIAL BUDGET Relating To The CAPITAL FUND To Recognize The RECEIPT Of A GRANT From THE ILLINOIS HOUSING DEVELOPMENT AUHTORITY (IHDA) FOR THE LAND BANK CAPACITY PROGRAM GRANT (LBCP) And The Corresponding Expenditures In The Amount Of $150,000.

Date	Ver.	Action By	Action	Result
6/12/2018	1	City Council	approved	Pass
6/12/2018	1	City Council	adopted	Pass

ACTION REQUESTED:
Title
Communication from the City Manager and Director of Community Development with a Request to APPROVE the following:

A) An Incumbency Certificate and RESOLUTION Accepting a Grant from the Illinois Housing Development Authority (IHDA) for the LAND BANK CAPACITY PROGRAM GRANT (LBCP), in the Amount of $150,000.00, and

B) An Ordinance AMENDING The CITY OF PEORIA 2018-2019 BIENNIAL BUDGET Relating To The CAPITAL FUND To Recognize The RECEIPT Of A GRANT From THE ILLINOIS HOUSING DEVELOPMENT AUHTORITY (IHDA) FOR THE LAND BANK CAPACITY PROGRAM GRANT (LBCP) And The Corresponding Expenditures In The Amount Of $150,000.

Body
BACKGROUND: The City of Peoria was awarded $150,000 in grant funds from IHDA's Land Bank Capacity Program (LBCP). Funding for the Program is derived solely from a national settlement secured by the Illinois' Attorney General, in conjunction with other state attorneys general, the U.S. Department of Justice and the U.S. Department of Housing and Urban Development with the nation's largest banks that has provided $25 billion in assistance nationally to homeowners harmed by fraudulent foreclosure and mortgage servicing practices.

LBCP funds will first be used to conduct a land bank feasibility study. The results of the feasibility study will determine how the remaining funds will be used. Should the feasibility study suggest that there is no market for land bank activities in Peoria, the majority of remaining funds will be returned to IHDA. Should the feasibility study determine that there is a market for land banking activities in Peoria, the remaining funds can be spent on costs related to building the capacity of land banking activities. These activities may include legal counsel, acquisition, demolition, lot clearing and redevelopment costs.

The City of Peoria Community Development Department currently does many land banking activities. It is anticipated that the technical assistance and funds provided through thi...