Lorain City Council Land Banking 2-13-2012

8/3/2019 Lorain City Council Land Banking 2-13-2012

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Thriving Communities InstituteWestern Reserve Land Conservancy

From Vacancy to Vitality



County Land Banking

Lorain City Council2/13/2012


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Thriving Communities Institute

Land Conservancy's urban initiative

Headed by Jim Rokakis

County land bank advocacy

Urban land use issues


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Land Banking in Ohio: History

Authorized for Cuyahoga County in 2008

Cuyahoga County Land Reutilization

Corporation established in 2009

Law amended in 2009 for smaller counties

Today in Cuyahoga, Lucas, Montgomery, Trumbull &

Mahoning

Underway in Hamilton, Erie, Summit, Stark Interest in Butler and Allen


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What is a County Land Bank?

Special, community improvement corporation (R.C. 1724) Not a county agency

Quasi-governmental (R.C. 5722)

Committed to public purpose


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Public Purpose

To promote economic and housing developmentof the county or region

To facilitate the reclamation, rehabilitation andreutilization of vacant, abandoned, tax-foreclosedor other real property


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Public Purpose (cont.)

To efficiently hold and manage that real propertypending its reclamation, rehabilitation andreutilization

To assist governmental entities and other non-profit or for-profit entities in the assembly of thatreal property and the clearing of title in a

coordinated manner


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County Land Banks: Response to Foreclosure Crisis

Response to worst

housing crisis in

U.S. History

Acquire vacant andabandoned property

Deference to cities

Triage

Dispose or hold0

500

1000

1500

2000

2500

3000

1995 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Foreclosure Filings - Lorain County


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Benefits of Land Banking

Stops speculation/flipping Stabilizes housing base, tax base

Improves quality of life

Advances urban planning

1 in every 536 housing units in Lorain County

received a foreclosure filing in October 2011.

-RealtyTrac


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Foreclosure, Crime & Demolition Studies

Cleveland Fed Study:REO Inventory Levels High through at least2013

Immergluck Research:

Foreclosure Effects on Neighbor's HousingForeclosure & Crime

Flint Study:

$3.5 Million in Demolition = $109 MillionPreserved Housing Value


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Establishing the County Land Bank

COUNTYCOMMISSIONERS

(Create R.C. 5722 Land Bank)

COUNTY TREASURER

LRC BOARD OF DIRECTORS ISCREATED

COMMISSIONERS PASS RESOLUTIONAUTHORIZING COUNTY TREASURER TO

INCORPORATE LRC VIA R.C. 1724

TREASURER INCORPORATES LRC

VIA R.C. 1724

LRC BOARD IMPLEMENTS PROGRAMMINGACTIVITIES

PROGRAMMING ACTIVITIES

LRC BOARD CREATES LAND REUTILIZ ATIONPLAN FOR ADOPTION BY COUNTY

COMMISSIONERS


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Structure of Land Bank Board

Board has 5, 7 or 9 members: Treasurer

Two Commissioners

One member from largest city One township member

Others (if any) chosen by agreement of

Treasurer and two Commissioners


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Funding the Land Bank

DTAC: up to 5%

Penalties and interest

DTANS Grant recipient or co-recipient

Borrow (not on county guarantee)


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Land Bank Acquisitions

Tax Foreclosure

GSE's

HUD

Bank REO

Deed in Lieu

Gift or Donation


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County Land Bank Operations

BANK REOs

PROPERTY TRIAGE

RESPONSIBLE FORMOTHBALL

REHABILITATION

RESALE TORESPONSIBLE

QUALIFIEDBUYER/REHABBER

HOLD FORSTRATEGIC

ASSEMBLY &ECONOMIC

DEVELOPMENT

DEMOLISH

HUD GSEs TAX FORECLOSEDDEED IN LIEU

PROGRAMS:

SIDE YARD INFILL HOUSING GREEN SPACE

URBAN GARDENS

Lorain City Council Land Banking 2-13-2012

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Transcript of Lorain City Council Land Banking 2-13-2012