John Eby on Land Banking

Randall, Oakley, asked:

Arguably, every one of Cincinnati's troubles can be traced to a core economic distress of disappearing manufacturing jobs. Any ideas? If this is a problem beyond your control, which is likely, how about any ideas on mitigating the damage?

My Response:

Randall, I believe one of the ways that we can begin to rebuild our economy is by creating a regional Land Banking Authority. If you are not familiar with the concept of land banking the University of Michigan has an excellent article describing how land banks work.

"A land bank is a public authority created to efficiently hold, manage and develop tax-foreclosed property. Land banks act as a legal and financial mechanism to transform vacant, abandoned and tax-foreclosed property back to productive use. Generally, land banks are funded by local governments' budgets or the management and disposition of tax-foreclosed property. A land bank is a powerful locational incentive, which encourages redevelopment in older communities that generally have little available land and neighborhoods that have been blighted by an out-migration of residents and businesses. While a land bank provides short-term fiscal benefits, it can also act as a tool for planning long-term community development. Successful land bank programs revitalize blighted neighborhoods and direct reinvestment back into these neighborhoods to support their long-term community vision."

With a powerful tool like a Land Banking Authority the City and the County can intelligently work toward rebuilding our neighborhoods and our economy.

Here are few links to more information about land banks and how they operate in other states. The Michigan Land Use Institue, The EPA, The State of Michigan