Board hears update on land bank work: 17 of 23 properties back on tax rolls, six under repair

Board members heard an update about the land bank's activity involving district properties. According to the report given at the meeting, the land bank has taken on 23 properties related to the district; 17 of those properties have been sold and are back on the tax rolls, six are being repaired in preparation for sale, and the land bank is attempting to acquire two additional properties within the district.

A board member said she had requested a further breakdown of acquisition and rehabilitation costs and that the land bank would provide additional detail. Board members discussed attending a TriTalk/Tricom Land Bank meet-and-greet scheduled for June 12 in Homestead to learn more about the organization's processes for acquiring and refurbishing properties.

Directors noted the land bank often begins with properties that are in very poor condition, invests in rehabilitation to make homes marketable, and then returns them to private ownership. Board members discussed the long time horizon for district return on investment and asked the administration for a periodic report on what the district has paid into the land bank and what tax revenue has returned to the district as properties clear delinquent status.