The Cook County Board on Tuesday approved the formation of an advisory committee to investigate the establishment of a land bank, and MarySue Barrett, president of Metropolitan Planning Council was named as chairman of the group.
The committee will investigate how a land bank could be structured and financed and target areas for a concerted program. Land banks allow entities to take possession of unproductive, distressed properties through direct purchases, no-cash bids at scavenger tax sales and noncash transfers from government entities and lenders. The properties are held tax-free in a trust and then transferred to new ownership under agreed-upon redevelopment plans.
