Provides for the establishment of a community land bank to allow for disposition of blighted or abandoned property in ways that will benefit and improve the community. Beneficial uses include: housing; economic development that creates jobs for community residents; community facilities that provide needed services and enrichment opportunities; urban agriculture; and other uses.
States: "A land bank should prioritize long-term community and economic development, protecting and restoring the integrity of neighborhoods, creating a positive economic impact through Troy as a whole …." § 83-17(C).
Refers to "Vacant lots and structures harm the safety and economic strength of individual blocks and neighborhoods;" (§ 83-17(A)); "Mitigate costs, spur investment and improve property values within the land bank area;" (§ 83-17(B)); "Prioritize long-term community and economic development" (§ 83-17(C)).
"The City ... recognizes that blight, vacant lots and structures harm the safety and economic strength of individual blocks and neighborhoods, as well as the City ... as a whole. It further recognizes that the existence of the vacant, abandoned and tax-delinquent properties forces a municipality to absorb the financial losses related to unpaid school, county and City taxes as well as the increased costs of maintenance and fire and police responses to these areas." § 83-17(A).
The intent "is to provide proactive tools to mitigate costs, spur investment and improve property values within the land bank area. The land bank would ensure clear, transparent and efficient operations by serving as a single entity to acquire, hold and dispose of vacant property with the participation and approval of City Council.... A land bank should prioritize long-term community and economic development, protecting and restoring the integrity of neighborhoods, creating a positive economic impact through Troy as a whole, and should adopt disposition policies that encourage a range of beneficial uses" including urban agriculture. § 83-17 (A)-(B).
Board members have the power "to organize and reorganize the executive, administrative, clerical, and other departments of the land bank and to fix the duties, powers, and compensation of all employees, agents, and consultants of the land bank." § 83-20(F). Board also has authority to adopt bylaws and other rules and regulations for the land bank's business. § 83-20(H).
Part I, Administrative Legislation; Chapter 83 (Property, City Owned); Article III (Troy Community Land Bank). History: Adopted 6-5-2014 by Ord. No. 20.