Robert Rose, Executive Director September 13 th , 2017 Purpose - - PowerPoint PPT Presentation

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Robert Rose, Executive Director September 13 th , 2017 Purpose - - PowerPoint PPT Presentation

Nov 28, 2022 117 likes •221 views

Cook County Land Bank Authority FY2018 Budget Presentation Robert Rose, Executive Director September 13 th , 2017 Purpose Mission: To Reduce and Return Vacant Land and Abandoned Buildings Back Into Reliable and Sustainable Community Assets.

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Cook County Land Bank Authority FY2018 Budget Presentation

Robert Rose, Executive Director September 13th, 2017

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Purpose

Mission: To Reduce and Return Vacant Land and Abandoned Buildings Back Into Reliable and Sustainable Community Assets.

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Fiscal Year 2017 YTD Period ending 08/31/17 Acquisition 255 Disposition 134 Demolition 16 Inventory 257 Cumulative Outputs Completed Rehab 174 Reoccupied 121 Cumulative Outcomes

Market Value Created

$14,811,184 Tax Benefit N/A

CCLBA Summary of Activities

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100 200 300 400 500 600 700

Acquisitions Dispositions

Preceding Twelve (12) Months # of Acquisitions/Dispositions

Acquisitions & Dispositions | Cumulative Total

218 350 363 231 379 243 401 249 258 436 269 469 287 514 534 302 566 327 349 590 605 360 634 377

CCLBA Acquisitions/Dispositions

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500 1000 1500 2000 2500 3000 3500 4000 4500 5000

Applications App - YTD

Number of Applications Received | Cumulative Total

# of Applications Preceding Twelve (12) Months

128 1664 118 1782 1936 154 131 2067 2330 263 739 3069 3368 299 3648 280 3883 235 297 4180 206 4386 4647 261

CCLBA Applications

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Continuing Appropriations Resolution to be adopted with FY2018 Budget

  • Provides spending authority for additional revenue whether grant or earned program income

Acquire 600 homes

  • Acquisitions based on location and community impact.
  • Single family , multifamily, vacant lots, commercial and industrial properties will be acquired via:
  • 2015 and 2017 Scavenger Sale
  • Deed-in-Lieu of Foreclosure
  • NSCT/NSI Program
  • Donation (private and bank)

Proactively Acquire Properties via Abandonment/Forfeiture Cases

  • Partner with the City of Chicago’s Department of Planning and Development, Department of Law, and Buildings Department.

Homebuyer Direct Program

  • Direct partnerships with real estate brokers, banking partners, and housing counseling agencies
  • Further neighborhood stabilization

Complete Staffing Plan to Increase Capacity and Organizational Efficiency

  • Departmental Move , larger workspace to accommodate increased capacity
  • Fill vacancies (4) :
  • Deputy Director
  • Attorney
  • Business Manager
  • Public Information Officer

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FY2018 Budget Highlights

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CCLBA Budget Summary

586 Operating 814 Riverside Lawn Total Budget Grants (Restricted) 1 $1,728,528 $2,666,667 $4,395,195 Special Purpose 586 Funds 2 17,900,000 17,900,000 Total Revenue $19,628,528 $2,666,667 $22,295,195 Staff Salaries $1,118,580 $1,118,580 Personnel Benefits 119,482 119,482 Acquisitions/Demolitions 3 11,000,000 2,666,667 13,666,667 Property Maintenance 2,823,528 2,823,528 Contractual Services/Overhead 4,486,938 4,486,938 Carryover (Net Income) Total Expenses $19,628,528 $2,666,667 $22,295,195 Headcount 14 1. 586 Operating Grant includes the remaining balance of Round 1 of Blight Reduction Program (BRP): $1,010,000 and Round 2: $1,050,000. 814 Riverside Lawn consists of two sources; MWRD: $8,000,000 (Budgeted) and CDBG-DR: $3,664,521. 2. CCLBA anticipates selling 400 properties at an average of $42,000, and earned program income

  • f $1,100,000.

3. 586 Operating Expense includes acquisition costs, demolition expenses and property taxes.

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CCLBA Budget Summary

FY2016 Actual FY2017 Projected FY2018 Budget Grants (Restricted) 1 $5,110,552 $5,333,333 $4,395,195 Special Purpose 586 Funds 2 8,614,453 12,540,711 17,900,000 Total Revenue $13,725,005 $20,874,044 $22,295,195 Staff Salaries $522,654 810,635 $1,118,580 Personnel Benefits 55,030 80,200 199,482 Acquisitions/Demolitions 7,772,590 11,979,948 11,991,667 Property Maintenance 541,184 1,068,176 2,770,000 Contractual Services/Overhead 644,704 4,035,085 4,486,938 Carryover (Net Income) 4,188,843

  • $2,900,000

Total Expenses $13,725,005 $20,874,044 $22,295,195 Headcount 3 7 10 14 1. Awarded grants for FY2018 including $2,666,667 for Riverside Lawn buyout project and $1,728,528 for the Blight Reduction Program 2. Includes sales revenues from donations and carryover proceeds. 3. CCLBA has adequate funding in grants and program income to add 4 additional FTEs.

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FY2018 Performance Targets

www.cookcountylandbank.org

FY2016 Actual FY2017 Projected FY2018 Target Total Inventory 136 300 1,000 Number of Properties Acquired 210 375 600 Number of Properties Sold 206 220 400 Number of Properties Rehabilitated 40 150 200 Number of Properties Demolished 74 45 75 Market Capitalization Value Created $5,399,759 $18,000,000 $30,000,000 Incremental Tax Benefit

  • $500,000

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FY2018 CCLBA Performance Metrics

www.cookcountylandbank.org

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Performance Metric Name 2016 Year End Actual 2017 Q1 Actual 2017 Q2 Actual 2017 Year End Projection 2017 Year End Target 2018 Year End Target Cook County Land Bank Authority Output Metric Properties Acquired (Cumulative Total of Annual Goal) 210 90 187 300 500 600 Cook County Land Bank Authority Efficiency Metric Avg Closing Time (In Days) Per Acquisition 51 54 58 54 45 45 Cook County Land Bank Authority Outcome Metric Community Wealth (Cumulative Percentage of Annual Goal) 108% 54% 78% 120% 100% 100% Percentage Of Properties Sold For Homeownership (Cumulative) 72% 72% 71% 72% 75% 75% Zero Based Budget Metric Staff Salary Cost Per Disposition of Residential Property $549 $1,623 $728 $563 $500 $400