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League says state land bank could help redevelopment but warns of trade-offs for municipal budgets
Summary
The Vermont League of Cities and Towns told the House General & Housing Committee on Feb. 21 that a statewide land bank could aid redevelopment of vacant properties but cautioned it could shift cleanup costs and tax losses onto municipalities if not carefully designed.
Samantha Sheehan and Josh Hanford testified Feb. 21 that while a statewide land bank could support redevelopment of vacant or abandoned properties, municipalities already rely on regional development corporations (RDCs), regional planning commissions (RPCs) and the state Brownfield Program to accomplish similar goals.
“I'm not saying there isn’t another tool needed,” Hanford said, but he warned that how a land bank is structured would determine whether it helps or harms municipal budgets and tax bases. He noted municipalities sometimes…
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