The Kankakee Regional Land Bank Authority is starting to get some traction in turning vacant or abandoned homes into viable properties. It’s all part of its mission.

“I think we’re all feeling good that we got the properties going in the funnel,” Board President Lisa Sanford said. “It’s getting to be a well-oiled machine here.”

Two homes that the Land Bank sold recently will have closings in the next week or so. Properties sold were at 427-31 S. Chicago Ave. in Kankakee to Arturo Gomez, doing business as Soling LLC VI, for $45,000; and 762 Webster Circle East in Kankakee to Jose Gomez and Nanci Gomez, for $50,000.

The Land Bank Board approved the sales at its meeting on Tuesday. The buyers have a year to finish the rehab and get them on the market.

“In both cases, those are going to go to buyers who plan to rehab them and rent them out,” said Brian White, interim executive director of the KRLBA. “That’s the intention at least as far as now.”

The Land Bank did some preliminary work on both homes to make them attractive to investors. It has three other residential properties for sale and is working on getting others to be made available to investors.

“The new buyers have got a good plan for what they’re going to do,” Sanford said.

Three properties that are available and are listed on its website at klrba.org/properties are 360 S. Elm St., 980 S. Sixth Ave and 1065 S. Fourth Ave., all in Kankakee. The Elm Street property recently had its foundation replaced, and a new roof was put on the Fourth Avenue house.

Sanford said there are nine properties that are close to being made available.

“We’re probably going to be doing roofs and stuff like that on them,” she said.

The Land Bank also approved payment of $35,000 for demolition and removal of all debris and improvements at 254 W. Merchant St. to the city of Kankakee. Those funds are part of a grant from the Illinois Economic Development Association.

The West Merchant Street property was a corner lot, and it’s now being made available as a side lot for $1,000. A side lot is essentially one that somebody who has an adjacent property can buy. A stipulation is that the adjacent owner has to have 75% of their property in common.

“If you’re selling it to a side lot owner, it doesn’t have to go through the normal sale and marketing process, because you’re trying to steer it essentially to someone who lives next door,” White said.

The buyer also has to pay the closing cost for the side lot. White said both neighbors of the Merchant Street property are interested in the side lot. If it’s not sold as a side lot, then it would go to the open market, and 254 W. Merchant St. would be listed for the fair market price of $7,000.

After the meeting, White was to head out to Momence to look at some properties that are east of the city’s boundaries and is in unincorporated Kankakee County. The Land Bank wants to expand its reach to the whole county.

White lives in Chicago, and he has clients all over the country. He said anytime Kankakee comes up, he tells people he doesn’t know why the perception is sometimes negative.

“I can’t believe how much real estate activity is going on here,” he said. “I think there’s a perception that needs to be addressed. Onwards and upwards.”

Jaffe building

The former Jaffe Drugs commercial building at 217 E. Court St. in downtown Kankakee is still for sale for $99,900. The property needs some work to bring the three-story building up to fire code. Sanford said what the building could be used for is up for discussion.

“What else can we do?” she asked. “From the community we need ideas of what people think. What’s their vision? We want that building to be a ‘Wow.’ What can we do?”

White said there’s not been a whole lot of movement on the Jaffe property.