Priorities Set For Land Bank

By Gordon HopkinsThe Fairbury City Council voted to establish the priorities of the newly created South Jefferson Land Bank, at a meeting on Tuesday, March 19, 2024. The land bank was formed in partnership with the Village of Endicott.Laura Bedlan, Development Services Director for the City of Fairbury, explained the need for Resolution 1262, which sets those priorities, “So, if this is adopted, it would be given to the land bank as direction for them to have some sort of basis to go off of.”A land bank is an entity created by a municipality which generally allows for the acquisition, maintenance, development and disposition of real property for the purpose of returning it to productive use. The resolution provides what type of land the land bank should acquire and what should be done with it. Those priorities are: Commercial use by new businesses and enterprises that will strengthen existing commercial districts and enhance the economic vitality of the City of Fairbury. Multiple contiguous parcels that will enable and facilitate scale development for residential, commercial, or industrial use. Maintained green spaces in residential areas, whether acquired by an adjacent residential homeowner or established as a public space. Preserved and maintained historic structures, both residential and commercial, to further the beautification and enhance the aesthetic appearance of the City of Fairbury.While the resolution was approved, the vote was not unanimous. Councilperson Brad Kuzelka has previously voiced his opposition to the land bank and voted against the resolution. At a prior meeting of the council, he said, “I don’t like the idea that the city could end up potentially bidding against someone at a sheriff sale to get property. I just don’t think we need it.”The prior week, on Wednesday, March 13, the board of the South Jefferson Land Bank met to discuss policies and bylaws. At that meeting, City Attorney Kurth Brashear explained that the land bank does not have to pay taxes on any land while it is in possession of the land bank. Once the property is transferred to another owner, the land bank will receive 50 percent of property taxes for the next five years. That money will go towards funding the land bank.Brashear said, “Land banks have a lot of powers set forth in state statute. So, you can borrow money, you can manage, lease and sell property, you can enter into partnerships with nonprofit entities and others to develop property to return to productive use, you can invest more money, if you have excess money to invest, you can improve property. So, that means you can demolish things that are on property, you can renovate properties, you can build on the land bank.”However, there are some limitations. Brashear pointed out that the land bank can only own property within the city or village limits and does not have the power of eminent domain.Brashear also advised the board there is a cap on how much property the land bank can own, “The land bank could not own more than 10 percent of the parcels in Fairbury and more than 10 percent of the parcels in Endicott.”

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