Evansville Land Bank rolls over maturing CD, declines donation with title liens and approves two lot sales

The Evansville Land Bank Corporation board approved routine minutes and financial reports, voted to roll a maturing certificate of deposit into the board’s existing laddered investment approach, declined a donation of 619 East Chandler because of liens and a pending court action, and approved the sale of two land bank lots for $500 each to adjacent property owners.

The board voted to accept the July minutes and the July profit-and-loss comparison as presented. Jessica, a staff member who presented the financials, said the city installment for July was $20,833.33 and noted the June electric bill was $129.94, which she attributed to savings from the property’s solar panels. The board approved the financials by voice vote.

The board then considered a certificate of deposit maturing the following Monday. Board materials presented a balance-sheet snapshot showing approximately $380,000 “and change” in one account separate from roughly $490,000 held in CDs that staff said are invested by German American with multiple banks. With operating needs not identified as requiring that cash, a board member moved to roll the maturing CD into the existing laddered strategy; the motion passed by voice vote.

On 619 East Chandler, staff reported the city had received a 30-year title search from the owner who wishes to donate the property. The title report identified two encumbrances that staff said could not be cleared through the land bank’s normal statutory processes: a lender lien listed at about $4,500 and a pending action in state court involving U.S. Bank. Nick, a staff member who summarized the title report, said the land bank could not obtain clean title unless those claims were released by the lenders or resolved by the owner. The board unanimously moved to decline the donation and asked staff to notify the owner.

In other property actions, the board approved two separate sales to adjacent property owners at $500 per parcel. Materials showed two Jefferson Avenue parcels listed in the application packet; the staff report described one parcel as 22 by 110 feet and the other as 35 by 110 feet. The board voted to sell the smaller Jefferson parcel for $500 and hold the larger parcel for future development. The board also approved the sale of 707 East Gumm Street, a 35-by-133-foot lot, to the owner of 705 East Gumm Street for $500; staff said the buyer’s property taxes were current and the buyer plans to use the lot as a side yard while rehabbing 705 East Gumm.

Board members did not identify any additional old or new business before adjourning.

Votes at a glance: - Approval of July minutes — approved by voice vote. - Acceptance of July financials (profit & loss comparison; July city installment $20,833.33) — approved by voice vote; mover: Taylor (board member); seconder: not specified in record. - Roll over maturing CD into laddered investments — approved by voice vote; mover: not specified; seconder: not specified. - Decline donation of 619 East Chandler due to title liens and pending court action (lender lien about $4,500; pending action involving U.S. Bank) — approved by voice vote; motion to deny passed unanimously. - Sale: transfer of one Jefferson Avenue parcel (parcel described in materials as 22 by 110) to adjacent owner for $500; hold the other Jefferson parcel (35 by 110) for future development — approved by voice vote; mover: Board member (unnamed); seconder: not specified. - Sale: transfer of 707 East Gumm Street (35 by 133) to the owner of 705 East Gumm for $500 — approved by voice vote; mover: Board member (unnamed); seconder: not specified.

Quotes in this report are taken from the meeting record. Jessica, who presented the financial report, said the June electric bill "was $129.94 which is good because the solar panels."