How the Land Bank Acquires Land
10. When does the PLB decide to acquire land?
The PLB can acquire land if there is an intended user that can return it to productive use, if it will act as a catalyst for other projects, if it will reduce blight or improve the neighborhood, or if it will help to support an infrastructure project.
11. How does the PLB acquire land?
The PLB acquires land through tax foreclosure, through private donation , and through purchase.
12. Once a parcel is identified, what does the PLB have to do before it acquires it?
The PLB takes the following actions:
- It consults with City agencies regarding zoning issues and any existing neighborhood plans.
- It assesses the condition, marketability, potential costs, and end users for the property.
- It ensures that the PLB has sufficient funds available to hold the land for at least 3 years and that the property is insurable.
- It investigates the property’s title.
- It checks if the property is in a historic district.
- Finally, it investigates any environmental contamination.
13. What if a property has environmental issues?
The PLB will not acquire any property if there is known environmental contamination unless they have prior approval from the PLB Board, or if there's funding to do remediation, or if the end user is willing to remediate the property and take on the liability of the project.
14. What does the PLB do after it acquires land?
The PLB must notify the public, begin a property condition assessment, secure the property, and plan for ongoing maintenance. Additionally, the PLB will prepare to market the property, making temporary licenses available for pre-development work.
15. What is included in a condition assessment for a property?
The assessment will determine a reasonable estimate for the cost of returning the structure to safe, habitable, and code-compliant condition.
16. How does the PLB categorize land?
The PLB generally categorizes land into residential structures, vacant land, side yards, and commercial properties.