Village of Fox Lake Board Agenda April 8 2025
Land Bank Agreement Approved for Property Acquisition
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Description
The Village of Fox Lake Board approved an intergovernmental agreement with the Northern Illinois Land Bank Authority, allowing NILBA to act as legal agent to acquire and repurpose abandoned properties in Fox Lake at no cost to the Village.
Contract Details
Contract Amount
No cost; NILBA pays court/attorney fees and receives sale proceeds
Vendor
NORTHERN ILLINOIS LAND BANK AUTHORITY
Agency
Fox Lake village (pt.), IL
Contract Type
OTHER
Document Date
April 8, 2025
Contract Term
Commences upon execution April 8, 2025; open-ended until terminated by either party with 30 days' notice (special rules for petitions in process)
Renewal Info
Open-ended agreement; terminable with 30 days' written notice (does not end until pending court petitions resolve). New IGA supplements prior October 2024 membership agreement.
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