www.mybaycity.com
August 16, 2009
(Prior Story) Business ArTicle 4134 (Next Story)
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Bay County Considering Establishing Land Bank Authority for Foreclosures
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Dan Kildee, Genesee County treasurer, land bank expert.
Bay County commissioners are considering a recommendation from the Genesee County Treasurer, Dan Kildee, and Bay County Treasurer Rick Brzezinski to establish a land bank authority.
Mr. Kildee, who was instrumental in formation of the Genesee Land Bank Authority, said the land bank is an alternative to public auction for disposition of tax foreclosed properties.
A community would have statutory authority to give local investors first consideration in the purchase of foreclosed properties, Mr. Kildee said.
"It allows the county to work in concert to balance the interests of efficient tax collection with the interests of the neighborhoods consistent with community values," he said.
Sale of tax liens under the former system resulted in the community losing control of its own landscape, said Mr. Kildee, nephew of U.S. Rep. Dale Kildee, D-Flint.
Mr. Kildee said the land bank provides development tools that enhance the capacity of the local community to get properties back into productive use.
The land bank takes properties that are difficult to develop and move to market utilizing these additional tools.
The land bank can hold the property tax exempt, helping a local government or community-based organization to assemble land and not have significant holding costs, he added.
He said both the Michigan State Housing Development Authority (MSHDA) and the U.S. Department of Housing and Urban Development (HUD) have identified land banks as the ideal mechanism for management of mortgage foreclosed properties.
(Note: Latest information received by MyBayCity.com is that there were about 1,100 foreclosed properties in Bay County.)
Mr. Brzezinski told the Personnel/Judicial Committee of the board that he was newly elected when the issue of a land bank was raised and he wished more time to become familiar with the process. Over the last four years he has returned excess revenue to the Delinquent Tax Fund and has made some modest profits on sales of property.
There is local interest in a land bank, said Mr. Brzezinski, and he now feels it is time to get involved in a Land Bank Authority as a natural extension of this process.
If ratified by the board of commissioners and agreed to by County Executive Thomas L. Hickner, an agreement could be entered into with the Michigan State Land Bank Fast Track Authority to form a land bank.
Funding would be available through the Neighborhood Stabilization Program, said Mr. Kildee.
The land bank would be governed by a board of seven members comprised of public officials. Mr. Kildee said the inclusion of people in the real estate, banking or construction field can have potential for conflict.
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