County Treasurer Carolyn Rice is pleased to announce the creation of the Montgomery County Land Reutilization Corporation in cooperation with Prosecuting Attorney Mathias H. Heck, Jr. and Montgomery County Commissioners Debbie Lieberman, Judy Dodge and Dan Foley.
State law allows counties with populations over 60,000 to use a land bank (also known as a land reutilization corporation) as a tool to return vacant, abandoned and foreclosed properties to productive use. A land bank is a non-profit, public corporation created to acquire low-value properties from foreclosures, lending institutions, and private individuals and sell them to organizations that are dedicated to redeveloping the community. Eligible properties acquired by the Montgomery County Land Reutilization Corporation will be cleared of all back taxes prior to being sold and redeveloped.
The initial $750,000 funding for the Montgomery County Land Reutilization Corporation will be provided through the Delinquent Tax and Assessment Collections (DTAC) Fund by Treasurer Rice and Prosecutor Heck.
“The Land Reutilization Corporation will be another tool in Montgomery County’s efforts to combat the housing crisis and improve our neighborhoods,” said Treasurer Rice. “We will start small and while we know the housing crisis will not be cured overnight, we feel the Land Reutilization Corporation will be an important part of our efforts.”
"I am pleased to partner in the creation of the Land Reutilization Corporation,” said Prosecutor Heck. “This will provide an effective new tool to lessen the negative impact of abandoned and blighted properties in our community. The creation of the Land Reutilization Corporation is a positive step in helping our community to move ahead in these difficult economic times."
On Tuesday, July 5, 2011, Montgomery County Commissioners approved resolutions establishing the Land Bank.
“Montgomery County is committed to helping our communities that are dealing with the issue of blight and declining property values,” said Montgomery County Commission President Debbie Lieberman. “We support Treasurer Rice in this project and look forward to seeing positive results in our cities and townships.”
Next steps for the Land Bank include filing for incorporation with the Ohio Secretary of State and establishing a board of seven individuals that will oversee the Land Reutilization Corporation. The board will consist of the County Treasurer, two County Commissioners, a representative of the largest municipality (City of Dayton) and a representative from a township with a population of 10,000 or more. The final two board members are jointly appointed by the Treasurer and Commissioners. At least one board member must have experience in private sector or non-profit experience in rehabilitation or real estate acquisitions.
Paul Robinson - Chief Deputy Treasurer
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