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As common denominator, we describe the land bank as a public
authority created to efficiently hold, manage and develop
tax-foreclosed property. Land banks act as a legal and
financial mechanism to transform vacant, abandoned and
tax-foreclosed property back to productive use. In addition, a
land bank is a powerful locational incentive, which encourages
redevelopment in older communities that generally have little
available land and neighborhoods that have been blighted by an
out-migration of residents and businesses. Through the Fulton
County/City of Atlanta Land Bank Authority, we plan to
revitalize blighted neighborhoods and direct reinvestment back
into the Atlanta and Fulton County neighborhoods to support
their long-term growth.
Why have a Land Bank?
Land is one of the most important
factors in any local economic development and must be well
managed to improve existing land use practices, enhance
livability of communities and support local community
development. In a certified study by the Brookings Institute, it
was cited that on average 15% of the land in major American
cities is vacant. Vacant and abandoned land does not produce
sufficient property tax revenue and this lack of funding impedes
a city’s ability to sustain its operations, programs and
services. Additionally, it discourages property ownership,
depresses property values, attracts crime and has the potential
to create health hazards.
By transferring vacant and abandoned
properties to responsible land owners through a land back
program, local governments benefit because they:
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Avoid
the significant cost burden of property maintenance, like mowing
and trash removal. |
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Increased revenue due
to new property owners paying taxes on their property. |
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Schools
receive additional funding due to increase in property owners in
their school districts. |
Articles of Incorporation (Download) |
