Latest news with #SouthSuburbanLandBank
Chicago Tribune
21-04-2025
- Business
- Chicago Tribune
Column: South Sububan Land Bank rehabs Park Forest house in pilot project
No matter the community, there are vacant and neglected homes not fully owned and not legally abandoned. These are the 'zombies' of local housing and, like the walking dead of movie fame, these dwellings are to be avoided. Uncut grass, decrepit gutters, a bad roof and unpaid taxes are the usual logos of decay, often caused by death, debt or disinterest. Be it the vacant house next door, down the street or in the community in which you live, this virus of neglect infects everyone. Sadly, the hardscrabble south suburbs are often seen as the epicenter of this plague, and that is what the 13-year-old South Suburban Land Bank, comprised of 28 communities, is confronting with injections of time, money and work. The agency has rejuvenated some 200 homes, businesses and vacant lots. The rehabbing of these decrepit buildings is not something a village wants to be in, says Andrew Brown, Park Forest's assistant director of economic development That's where the land bank steps in, getting title to properties by paying all debts and working to develop, sell or demolish the property, thus eliminating the pungent odor of decay before putting it on the market. Under the leadership of Joe van Dyk, the executive director of the land bank, it has, for the first time in its existence, bought and then rehabbed an entire house. This pilot project is a two-story house at 345 Miami in Park Forest, on the market for $179,999 after the land bank spent about $130,000 in a clean-up, fix-up, patch-up effort that turned a community eyesore into a home with up-to-date plumbing, new kitchen fixtures, glistening floors and what was said to be some 50 gallons of paint covering the inside and outside of the house. It also exudes the heady perfume of a new beginning, 'and it is affordable,' said van Dyk. Doing it this way 'gives us more control over the outcome,' he said. Chances are, van Dyk said, 'that if you have a vacant or abandoned home some 300 feet from your property your values will go down.' This program is meant to stabilize communities and increase the tax base. Even zombies can be reborn under this plan. Last December, in Crain's Chicago Business, van Dyk wrote that along with a fragile economic base, the area, now challenged by extremely high property taxes, needs new taxpayers by expanding the tax base. He notes under Cook County's recent increase in 2023, Harvey's median tax bill increased 82%. In Calumet Park, by 72%. In Phoenix, by 107%. In just the last two years, van Dyk wrote, the land bank 'reactivated 75 properties, generating $930,000 in new tax revenue,' as well as employing local electricians, carpenters, painters and builders. Kicking the can Johnnie Thomas, the Rich Township School District 227 superintendent, earns more than $307,000 this year; a salary that will increase to nearly $336,000 by the end of the 2028 school year. When the rumor spread that Thomas was asking for a year's extension on his contract, as well as requesting he receive medical benefits for 12 years after his departure, one might think irate district residents facing massive property taxes hikes would storm last Wednesday's board meeting. Not quite. Before the board went into closed session, Richton Park resident Kim Jones was the lone voice heard as she urged the board to vote no on both the proposed increase in salary and perks. Jones estimated the total cost to the district would amount to $1,5 million in salary and benefits, adding her tax bill increased to more than $6,500 and that 'our community cannot afford this.' After more than one hour of discussion the board returned. Board President Andrea Bond combed though some of the issues before quietly announcing the proposal was tabled, proving again that a hot potato always needs an asbestos glove.
Associated Press
19-02-2025
- Business
- Associated Press
Southland Development Authority Announces Felicia D. Hardy as New President
The public-private partnership organization, designed to grow the South Suburban economy, selects a new President from Its Board of Directors 'Felicia's invaluable insights and growth strategies will have a major impact on our efforts to drive economic prosperity and create vibrant communities across the Southland region.' — Bo Kemp, CEO of the Southland Development Authority TINLEY PARK, IL, UNITED STATES, February 19, 2025 / / -- The Southland Development Authority (SDA), a south suburban economic development organization, is excited to announce the appointment of Felicia D. Hardy as its new President. Ms. Hardy will run the operations of the organization and work directly with Bo Kemp who will remain its Chief Executive Officer. Felicia has served as one of the organization's founding board members since 2019 and has helped to oversee its Business Growth Services in 2022, a program that serves 700 Southland businesses annually. With extensive corporate and consulting experience leading cross-functional global teams and aligning strategies to meet business goals, Felicia is positioned to make a significant impact on the SDA's growth trajectory. 'As a Certified Business Intermediary (CBI) from the International Business Broker Association (IBBA), Felicia's invaluable insights and growth strategies will have a major impact on our efforts to drive economic prosperity and create vibrant communities across the Southland region,' said Bo Kemp, SDA's CEO. 'Her expertise aligns perfectly with our mission to drive transformative, inclusive, equitable growth in the forty-five cities, towns and villages spanning Chicago's South Suburbs.' Felicia's appointment comes after a year of substantial economic growth in Chicago's South Suburbs driven by various SDA-led programs, including the Metals HUB program, a transformative effort to restore the manufacturing legacy of the South Suburbs, and its management agreement of the South Suburban Land Bank, a unique collaboration that coordinates the use of land parcels for economic prosperity. Ms. Hardy's focus on the SDA's existing efforts will allow the SDA to continue its efforts to launch a new fund for direct investment in residential, commercial and industrial real estate in the Southland. These real estate investments will not only further our economic growth mission but also support the organization's ability to become financially self-sufficient. ### About the Southland Development Authority The Southland Development Authority, a not-for-profit economic development organization, is committed to driving equitable and sustainable economic growth in the south suburbs of Chicago. Through innovative programs, strategic partnerships, and impactful direct investments, the SDA is building a vibrant, inclusive economy that drives wealth growth for individuals, businesses and municipalities. Combined with the benefits of the South Suburban Land Bank and the Monarch Fund, the SDA serves as a model for regional development. Bob Spoerl Bear Icebox Communications Inc. X LinkedIn Instagram Legal Disclaimer:
