Land Bank in Works for County
Industry Update
January 4, 2023
Source: www.columbusmessanger.com
Local government leaders have started the process of creating a land bank. The first organizational meeting likely will take place later this month.
A land bank, known formally as a land reutilization corporation, is a public authority or non-profit organization that acquires unproductive properties for the purpose of returning them to productive use in the community. Their parameters are outlined in the Ohio Revised Code (ORC).
“Our goal is to take properties that are not contributing to the local tax base and local community–properties the private market doesn’t seem to want at this time–then make them attractive for new investment,” said David Kell, Madison County’s director of economic development and planning.
Land banks can acquire land through tax foreclosures, municipal government transfers, auctions, donations, or open-market purchases. The Madison County land bank likely will focus on acquiring land through foreclosures, Kell said, with some land donations, as well.
“We don’t want to disrupt the private market,” Kell said. “If an individual or company wants to buy a property through the normal processes, that’s what we encourage. This is more for donated property or property that doesn’t sell at auction.”
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