517-265-5141

5285 W. US 223, Adrian, MI 49221

 
 

Lenawee Landbank

Lenawee Landbank

What is a landbank?

A landbank is a public authority created to efficiently hold, manage and develop tax-foreclosed property.

  1. Landbanks act as a legal and financial mechanism to transform vacant, abandoned and tax-foreclosed property back to productive use. Generally, landbanks are funded by local governments' budgets or the management and disposition of tax-foreclosed property.
  2. Tax-foreclosed property is first evaluated before resale. If the homeĀ is no longer repairable, it is removed so that the land can be renovated.
  3. In addition, a landbank 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.
  4. While a landbank provides short-term fiscal benefits, it can also act as a tool for planning long-term community development. Successful land bank programs revitalize blighted neighborhoods and direct reinvestment back into these neighborhoods to support their long-term community vision.