(Kankakee – February 6, 2024) Members of the Board of Directors for the Kankakee Regional Land Bank Authority (KRLBA) are pleased to announce the completion of their first acquisition and sale of a distressed property in Kankakee.
The multi-unit property at 831 S. Washington Ave was acquired by the KRLBA through a deed in lieu of foreclosure. KRLBA abated taxes and released a request for proposal to find a qualified buyer to rehabilitate the property.
“This property has been neglected and vacant with years of unpaid taxes,” said Lisa Sanford, Board Chair. “Through the governmental authority of the Land Bank, we were able to clear the tax liens and create a path for this blighted property to have a new future.”
Through the request for proposal process, a local contractor was awarded the sale. Terms of the proposal included price, plans for future use and ability to develop or improve the property. The contractor closed on the sale and has 12 months for rehabilitation and to meet current city codes.
KRLBA Executive Director Dr. Montele Crawford added, “This first of many projects is a great example of the usefulness of the Land Bank. We are tasked to take distressed properties, reconnect them to the private market, and create opportunities for new homeowners and businesses to join the Kankakee community.”
The Kankakee Regional Land Bank Authority was created by an inter-governmental agreement between Kankakee County and The City of Kankakee. The goal of the land bank is to assist in reducing the number of blighted and tax delinquent properties and serve as a mechanism to spark economic growth throughout Kankakee County by returning properties to the active tax rolls.
The other members of the Board of Directors with Sanford include:
Barbi Brewer-Watson, Victor Nevarez
Joseph Nugent, and Matthew Olszewski.
For Additional Information, or to donate a property, please contact KRLBA Executive Director, Dr. Montele Crawford at 815-214-4597 or email@example.com