Advancing Community Redevelopment with Land Banking
If you represent an Ohio local government or a not-for-profit community development corporation, you may ask, “What is land banking?”
The Land Banking Program allows Montgomery County cities, villages and townships to strategically “bank” residential, commercial and industrial properties that have been identified in a local development plan or similar effort. Under this fee-based program, the Land Bank can acquire, maintain and dispose of the property – or assemblage of properties – on behalf of your jurisdiction or not-for-profit corporation.
The program gives your jurisdiction the opportunity to strategically assemble properties for future redevelopment and rely on the Land Bank to hold them – tax free – while your community finalizes its development plan and financing strategy. The primary benefit to your jurisdiction rests in the efficiency of dealing with one regional resource organization for
- Property acquisition
- Property maintenance, and
- Disposition activities
To participate in land banking
To qualify for the program, your jurisdiction must have signed a Memorandum of Understanding with the Land Bank. We will create a customized Land Banking Agreement with you to establish business terms such as roles, service levels, associated costs and fees.