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

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. 2

CCLBA Summary of Activities 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 3

CCLBA Acquisitions/Dispositions Acquisitions & Dispositions | Cumulative Total Acquisitions Dispositions 700 634 605 590 # of Acquisitions/Dispositions 600 566 534 514 469 500 436 401 379 377 400 363 360 349 350 327 302 287 269 300 258 249 243 231 218 200 100 0 Preceding Twelve (12) Months

CCLBA Applications Number of Applications Received | Cumulative Total Applications App - YTD 4647 5000 4386 4500 4180 3883 4000 3648 # of Applications 3368 3500 3069 3000 2330 2500 2067 1936 1782 2000 1664 1500 739 1000 299 297 280 261 263 235 206 500 154 131 128 118 0 Preceding Twelve (12) Months

FY2018 Budget Highlights 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 6

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 0 17,900,000 Total Revenue $19,628,528 $2,666,667 $22,295,195 Staff Salaries $1,118,580 0 $1,118,580 Personnel Benefits 119,482 0 119,482 Acquisitions/Demolitions 3 11,000,000 2,666,667 13,666,667 Property Maintenance 2,823,528 0 2,823,528 Contractual Services/Overhead 4,486,938 0 4,486,938 Carryover (Net Income) 0 0 0 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 of $1,100,000. 3. 586 Operating Expense includes acquisition costs, demolition expenses and property taxes. 7

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 0 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. 8

FY2018 Performance Targets FY2016 FY2017 FY2018 Actual Projected 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 www.cookcountylandbank.org 9

FY2018 CCLBA Performance Metrics 2016 Year End 2017 Year End 2017 Year End 2018 Year End Performance Metric Name Actual 2017 Q1 Actual 2017 Q2 Actual Projection Target 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 www.cookcountylandbank.org 10