Evansville Land Bank approves multiple lot sales, requires development agreements and caps broker fees

The Evansville Land Bank Corporation on Sept. 19 approved the sale of multiple vacant lots for new construction and side‑yard transfers, requiring development agreements and limiting total broker compensation to $3,000 for one contested sale.

The approvals included a conditional sale of 704 Bell Avenue for $3,500, side‑yard sales for 1014 West Virginia Street ($250) and 614 West Tennessee Street ($500), and the sale of 820 and 824 Judson (two lots at $500 each, $1,000 total) for construction of a duplex. The board also required standard development agreements, including an 18‑month timeline where requested.

Why it matters: The land bank’s actions move vacant city parcels toward private development or lot consolidation, attaching development timelines and limits on broker compensation designed to align public stewardship with near‑term redevelopment.

Board members moved and approved each sale during the public session. Jessica, a staff member who presented parcel histories and project details, said the buyer for 704 Bell “intends to build a single family home” and described the lot’s chain of title and prior listings. She said 704 Bell was acquired after a 2016 tax sale no‑sale, listed with a realtor in 2020 and reclaimed by the land bank in 2022 after a development agreement linked to an earlier sale did not result in construction.

The motion to approve 704 Bell included a requirement that the buyer sign a development agreement with an 18‑month completion window and that the combined broker compensation for buyer and seller sides not exceed $3,000, split evenly. Board members discussed an apparent drafting error in the purchase documents that would have resulted in higher commission payments; the motion as adopted set the cap to match the land bank’s approved broker fee.

For 1014 West Virginia, the board approved sale as a side yard to an adjacent owner who is current on taxes. For 614 West Tennessee, the board approved a $500 side‑yard transfer; the adjacent parcel at 616 West Tennessee is a duplex that has already received renovation work. For 820 and 824 Judson, the purchaser intends to occupy one unit and rent the other, has been current on taxes for another parcel, and requested an 18‑month development agreement; the board approved the sale for $500 per lot.

The board’s approvals were recorded by voice vote; no roll‑call vote tally by name was provided in the meeting transcript. No new exceptions to the land bank’s standard development agreement terms were recorded.

The meeting closed after a final status update and routine adjournment.