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Calhoun County approves $50,000 loan to newly formed Land Bank Authority to buy foreclosed properties
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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 the Board the loan "shall be paid back in twelve months" and described uses for acquired parcels, including holding or rehabilitating viable properties, transferring property to adjacent owners, or conveying a right of way the county hopes Albion College will own and pay taxes on.
Petredean said the Land Bank can also acquire a duplex on Austin Avenue where one owner is willing to take full ownership and maintain the property; she said the Land Bank is not staffed to remodel properties but would partner with local organizations to rehabilitate homes and find tenants. When Commissioner Moore asked whether properties would be sold or given to organizations, Petredean replied, "Given." The Board approved the transfer as a loan with the expectation of a lump‑sum repayment within 12 months (Res.128‑2006). The roll call vote was yes — 7; motion carried unanimously.
The Land Bank had been approved recently by the Michigan Land Bank Fast Track Authority; Petredean said foreclosures are complete and a public sale is scheduled for Sept. 13, and that the Land Bank will use the loan to purchase certain parcels before that sale. The action is intended to remove blighted or strategically important parcels from auction and provide a more coordinated path to reuse or transfer.
Next steps include finalizing the Land Bank’s formal membership and beginning purchases as appropriate under the authority created earlier this summer.