Why a Land Bank
The central goal of a land bank is to transfer properties that are vacant, abandoned, and tax delinquent back to productive use that benefits communities. Strategic decisions can be made to ensure the highest impact properties are pursued and placed into productive use and taxpaying status.
The following are some benefits of working with a land bank:
Commitment to Communities
Land banks work in unison with community priorities and plans and alongside local community development corporations, community-minded groups, and individuals to ensure the most desirable development outcomes are achieved.
One Stop Shop
Properties are available to current residents, to-be homeowners, nonprofits, investors, and development agencies with countless development opportunities, along with a clear title and a fresh start.
Blight is not bound by geographic or political borders. A regional approach allows for a diverse real estate portfolio and increases opportunities for success.
Data Driven Decisions
We focus on the data: tax delinquencies, market types, parcel conditions, and trends in development. We have a way to track it- and to map it!
Addressing deteriorating properties takes money- acquisition and maintenance of properties can be extremely expensive. Land banks can accept financial resources from various sources- including membership contributions, grants, revenue from sales, and foundation support.
Ability to be Nimble and Responsive
Neighborhood revitalization can be tricky, and oftentimes creative approaches are needed. Land banks are flexible enough to align with community plans and responsible enough for new opportunities.
As quasi-public entities, land banks adhere to reporting standards and audits that make them transparent organizations.
A Plan for the Place
Tri-COG Land Bank is driven by a plan for the place and the data to support strategic decisions.
Not all communities have the same priorities.
We are responsive to unique community priorities and development opportunities, including:
Addressing abandoned homes in stable neighborhoods.
“Greening” vacant lots through side lot sales and neighborhood green spaces
Assemble and acquire multiple lots for larger redevelopment plans
Acquire and repurpose commercial spaces to bring in new businesses and strengthen existing commercial districts