ACTION REQUESTED:
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Communication from the City Manager and Director of Community Development to RECEIVE and FILE a REPORT BACK Related to the City of Peoria Land Bank and Purchasing Properties from the Peoria County TRUSTEE AUCTION.
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BACKGROUND: At the City Council meeting on May 10th, Councilman John Kelly asked for a report back about the possibility of the City of Peoria/Land Bank purchasing all properties located in the City of Peoria that are available at the County Trustee Tax Auction. Since that time, staff has met with Councilman Kelly and two local landlords to discuss this further. Currently, staff does not recommend purchasing all the properties for the County Trustee Auction, however, City staff wants to provide an update on the Land Bank and allow for future possible direction.
Land Bank History
The City of Peoria Land Bank was created in 2021 to provide a more direct and calculated approach to address blight in our community, boost access to affordable housing, and help stabilize the taxing base. It has focused on older neighborhoods that are losing value and suffer from high unpaid tax burden and property abandonment. It is the only land bank in Illinois that focuses solely within a city and is focused on outcomes in the areas that have seen the greatest disinvestment. The Land Bank has taken a strategic approach selecting areas of greatest need and using the available tools to return properties to good use. It seeks to provide new strategies for growth and investment in the city.
Land Bank Responsibilities
As a Division of the Community Development Department, the Land Bank has taken the lead in finding and addressing those vacant and abandoned properties, demolishing structures when necessary, and collecting larger land masses for future redevelopment. Abandoned properties plague our older neighborhoods. When a property has a heavy delinquent tax burden, clearing the delinquent taxes is a major obstacle to transferring the pr...
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