HB0842 - Peoria County Land Bank Authority Pilot Program

• Creates a 3-year pilot program establishing the Peoria County Land Bank Authority to acquire, manage, and transfer vacant, abandoned, and tax-delinquent properties back to productive use.

• Establishes a 15-member Board of Directors appointed by the County Board chairman (subject to County Board approval) representing government, business, nonprofits, and community interests, with members serving 3-year terms.

• Grants the land bank broad powers including acquiring properties at tax sales, making loans, receiving grants, disposing of property on fair terms, and entering into partnerships with municipalities and private entities.

• Requires the land bank to submit annual budgets to the County Board for approval, maintain audited financial statements, file yearly reports to the General Assembly on effectiveness, and comply with all applicable laws including anti-discrimination provisions.

• Dissolves the Authority automatically 3 years after the effective date unless extended, with remaining assets transferred to a successor entity or reverting to Peoria County.