January 17, 2013 by Zee
How could we stabilize the land bank quickly?
Any comprehensive plan for land bank will apply a staggered approach that disburses city owned property first.
Reallocating properties from the varied agencies to one simple system works out the kinks in process, and shows a considerable measure of good faith on behalf of the city.
It also relieves some of the financial burden on the tax payers for by transferring these costs from various city agencies, to one streamlined site and onto responsible investors.
Although the nuisance of abandoned property is both formidable and varied, if properties for disbursement are phased in by type, specific challenges can be addressed.
a large portion of delinquent properties may need brownfield remediation/industrial clean up, many others may be too costly and expansive to redevelop in a reasonable amount of time; these cases should be handled separately than things like residences and sidelots residents are requesting.
Additionally, the turnaround of commercial properties will build up the tax base much faster than residences. Especially if combined with start-up incubation programs.
Even though they may take longer to redevelop, local businesses and non-profits provide anchor institutions that stimulate even further neighborhood investment and development.
More importantly, they build up the land bank’s financial value, and a neighborhood tax base faster, making it stable quicker.