Southland Reactivation Act introduced in Illinois Senate
The Act is model legislation that provides an immediate solution to high property tax burdens and the staggering number of blighted or underperforming commercial and industrial properties across the south suburbs of Chicago. The Reactivation Act is proposed as a pilot program that utilizes the existing South Suburban Land Bank and Development Authority (SSLBDA) and the Cook County Land Bank Authority (CCLBA) to attract market-driven development to property that has been designated by a local municipality as a priority tax reactivation site due to its long-standing economic stagnation and blighted condition. “Reactivation” of vacant tax-exempt commercial and industrial property results in new investment and revitalization of formerly abandoned, tax-delinquent properties, bringing new jobs and long-term sustainable growth to the tax base. See the SB 3350 Fact Sheet for more details.
“The Southland Reactivation Act is an innovative economic development tool that has the potential to reactivate and expand the tax base and create much-needed jobs for the region,” Senator Sims said. “This legislation is an important first step to property tax reform, and I look forward to working with my colleagues to help them understand its significance and need for passage this spring.”
SSMMA President and Robbins Mayor Tyrone Ward added: “We have unique challenges in the Southland, and are trying to assemble the tools needed to address them. The Southland Reactivation Act will allow us to jump-start the process.”
Related stories are: South suburban leaders unite to pass Southland Reactivation Act for tax relief, in the Lansing Journal, and South suburban elected officials optimistic about getting blighted sites back on tax rolls, in the Tribune/Daily Southtown.