Newcastle Land Bank reports property acquisitions, demolition plans and $120,000 bank balance
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Summary
Newcastle Land Bank board members updated the Henry County Commissioners on property work, sale and rehab activity, plans to demolish an unsafe structure, and a current bank balance of about $120,000 derived from a $5,000 seed grant and subsequent transactions.
Representatives of the Newcastle Land Bank updated the Henry County Commissioners on May 28 about the group's property acquisitions, sales, rehabilitations and finances, saying the nonprofit has grown from a $5,000 seed grant to roughly $120,000 in its account.
Speaking on behalf of the Land Bank, Jerry Cash said the group received $5,000 in seed funding in January 2022 and later sold properties and collected funds. "We've gone from that $5,000 seed money where we're right at a hundred and $20,000 in our bank account now," Cash said.
Nut graf: The Land Bank described ongoing property work — including rehabilitation of structures, plans to demolish one building that needs removal, coordination with utilities and occasional use of a structure for emergency-services training — and said the board is prepared to expand the model countywide if commissioners decide to pursue a county-operated land bank.
Board members described different property outcomes: some properties are being rehabilitated and listed for sale, one with a structure will be demolished with Land Bank funds once utility cutoffs and asbestos checks are completed, and one property has been used by a SWAT team and fire department for training exercises.
Mark Brunk and other board members credited a legal blueprint prepared by Joel (legal counsel) and said the group's volunteer mix of bankers, realtors and citizens has supported the effort. Lisa Loveless noted the Land Bank maintains a rotation of three realtors who market properties that include structures.
Commissioners did not take formal action during the update; the Land Bank asked whether the county would consider taking "the next step" to implement a county-level program. Jerry Cash said the existing blueprint would make expansion straightforward, and the group expressed appreciation for county support of property transfers to the Land Bank.
Ending: Board members took commissioners' questions and offered to return if the county wants to pursue a broader land-bank model.