Eureka City Council Discussed Creating ‘Land Bank’
Information was distributed at last Monday’s Eureka City Council meeting about the process of establishing a “Land Bank.” A land bank would allow a board of trustees, appointed by the city council, to acquire properties in town – either through donation or purchase – and transfer the properties back into “productive use.” The information distributed was from the city of Hutchinson, one community in Kansas currently utilizing a land bank. A significant feature of a land bank is that any property held by the land bank is exempt from all ad valorem taxes while in the land bank’s ownership. In addition, all taxes, assessments, charges, penalties and interest that may be due on a property are removed or abated through Land Bank ownership. By state statute, the Land Bank can transfer property back into productive use and the property is not burdened by debt and obligations incurred prior to Land Bank ownership.
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