The Cook County Board of Commissioners has unanimously approved an ordinance creating the Cook County Land Bank Authority as a way to help government deal with the growing number of vacant properties across the county. According to the Urban Land Institute, there are more than 200,000 vacant units and approximately 85,000 pending foreclosure cases in Cook County. Mayor Rahm Emanuel said, “The land bank will provide another tool to strategically bring vacant buildings into productive use in cities and towns throughout Cook County.” Many other states and cities currently operate land banks, but Cook County's will be the largest in the country. It will be governed by a 13-person panel of architects, community leaders, bankers and other experts in the field. Start up funds will come from grants and outside groups with the hope that it will become self-sufficient through property sales within a couple of years. Read the ordinance.