Living in Hancock County there is no doubt that you have seen a building or two in need or repair or maybe even demolition. It feels such a shame that these properties can interfere with all of the wonderful things our community has to offer. Enter the land bank.
Nationwide there are around 300 land banks with 9 of them in Illinois, so the concept isn't new. The question we get the most is "What is a land bank?" and the short answer is:
a body of land held by a public or private organization for future development or disposal, however, the more in depth answer is more difficult. Each land bank is entirely unique based on what the founders of each organization decide at it's formation. Prairie Hills is leading the charge to help organize the region and gather resources and here at HCED we are working to make sure the rules and regulations of the land bank we're forming will benefit Hancock County and it's communities to the fullest.
The idea is that we will partner with four other counties including Fulton, Knox, McDonough, and Warren to create a new organization focused on the repair and or demolition of empty, abandoned, blighted, or otherwise "problem" properties within the region. The properties can be commercial, industrial, or residential so which covers just about everything. The benefit is that the land bank, once formed, will acquire and assess properties, then they will form a plan for development. Sometimes that will mean demolition, sometimes that will mean repair but the goal is to get these properties into the hands of people who want to buy them and use them for something that will benefit the community (a business, a residence, or a factory).
This may sound too good to be true, so we want to make sure we point out the con's of a land bank too. First, just like any other kind of development, the process can be slow. The amount of moving parts with the acquisition, assessment, planning, and producing results can take more time that we'd all like but forward progress is what we're looking for.
Second, it may not be possible to obtain every property that we'd like. Land banks can only work for properties they own and there are many reasons specific properties can't be acquired. Luckily that's part of the beauty of a land bank, they have access to resources like lawyers and grant writers that communities may not be able to afford on their own.
Lastly on the con list is the unknown. No solution is perfect or we just wouldn't have issues in the first place. There are going to be pitfalls and let downs, like with any other kind of economic and community development but we are willing to take the chance and do the work to help make Hancock County the best that it can be.
For more information on land banks in general go to the Center for Community Progress https://communityprogress.org/resources/land-banks/lb-faq/
Take a moment to look at the other land banks here in Illinois to see what some of the possibilities are:
Kankakee Regional Land Bank | Kankakee | Illinois | County | |
Lake County Land Bank | Lake County | Illinois | County | |
Northern Illinois Land Bank Authority | Boone County, McHenry County, Stephenson County, Winnebago County | Illinois | Regional | |
Quad-Cities Land Bank Authority | Rock Island County (East Moline, Moline, Rock Island) | Illinois | Regional | |
South Suburban Land Bank and Development Authority | Cook County, Will County | Illinois | Regional | |
Two Rivers Land Bank Authority | Adams County, Morgan County, Quincy, Jacksonville | Illinois | Regional | |
Cook County Land Bank Authority | Cook County | Illinois | County | |
Central Illinois Land Bank Authority | Champaign County, Vermilion County | Illinois | Regional | |
City of Peoria Land Bank | Peoria | Illinois | Municipal | |
Kankakee Regional Land Bank | Kankakee | Illinois | County |
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