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Erie Land Bank reports 6½-year inventory: 191 acquisitions, $1.1M demolition costs and $179,012 in sale revenue
Summary
Executive director presented an operational summary covering 6½ years: 191 acquisitions, 102 properties currently in inventory, 89 sold properties, $1.1 million in demolition costs and more than $3.4 million invested into the city; the board approved April financials and amended minutes.
The Erie Land Bank presented a six-and-a-half-year operational summary at its May 19 meeting, reporting 191 total property acquisitions, $1.1 million in demolition costs and $179,012.45 in revenue from 89 property sales.
Executive Director Aaron walked the board through inventory and sales numbers: the Land Bank currently holds 102 properties in inventory, including 21 acquired via 2024 judicial tax sales. Of the 102, staff reported 43 parcels have structures, 14 are under demolition contracts, and several judicial-tax-sale properties are currently out for demolition bids. The Land Bank reported it has conveyed 89 properties; 28 of those had structures at conveyance and seven structures were later demolished by new owners.
Aaron said the Land Bank has invested about $3.4 million in the city through mitigation efforts during the authority's six-and-a-half-year history, and noted $775,000 of that came from Erie County's Act 152 demolition program to offset operational demolition costs. He told the board 68 vacant lots have been sold and 21 properties have been sold under development agreements; until a recent Vermont property conveyance closes, the Land Bank had not previously conveyed a vacant parcel for new development.
The financial packet showed net income of about $45,000 for April and a checking-account balance a little over $91,000; staff said they were awaiting $87,000 from the Erie County Land Bank for March and April. After presentation of the profit-and-loss and balance-sheet documents, a board member moved to approve the April financials and the motion passed on a voice vote.
The board also amended and approved minutes for April 21 and April 24 after a member pointed out the April 24 special-meeting minutes had been omitted from the consent agenda; a motion to approve the amended minutes passed by voice vote.
Board members discussed policy adjustments to avoid conveying vacant lots adjacent to other parcels without a development proposal; staff said the change is intended to reduce instances of land holding without timely development. Members thanked staff for compiling the summary and said the report shows an ‘‘intentional pivot’’ from demolition of the worst properties toward active rehabilitation and new construction.
Staff said more detailed property-by-property timelines and breakdowns will be provided at future meetings to help the board track progress to settlement and construction.
