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Calhoun County approves $50,000 loan to newly formed Land Bank Authority to buy foreclosed properties
Summary
The Calhoun County Board authorized a $50,000 inter‑fund loan from the Land Re‑Utilization Fund to the newly created Land Bank Authority to enable purchases of tax‑foreclosed parcels for rehabilitation or transfer; the loan is to be repaid within 12 months and passed unanimously.
The Calhoun County Board of Commissioners on Aug. 17 approved a $50,000 inter‑fund loan from the Land Re‑Utilization Fund to the Calhoun County Land Bank Authority to provide working capital for purchasing tax‑forfeited properties.
County Administrator/Controller Greg Purcell presented the request at the meeting, saying the Treasurer had asked for a temporary loan to allow the Land Bank to remove selected properties from the auction process. Treasurer Ann Petredean told…
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