Metro Atlanta Land Bank reports active acquisitions, sales and inventory management to council committee

The Metro Atlanta Land Bank reported to the Community Development Human Services Committee on its recent property acquisitions, maintenance costs and activity to return vacant parcels to productive use.

The update, delivered by Chris Norman speaking for the Metro Atlanta Land Bank, summarized the authority’s inventory, funding and recent transactions and said the land bank currently controls nearly 275 properties valued at about $30 million on the county tax rolls.

Norman said the land bank is leveraging a $6 million line of credit from Invest Atlanta to make strategic acquisitions in focus areas. He described recent buys including nearly 11 acres near the Bard Road intersection purchased from the YWCA for $1.3 million and a 5.3-acre parcel in Thomasville Heights bought for $1.4 million. He also described arrangements to hold parcels for partners and to use ground leases in some developments, including a 65-year affordability…