The Land Bank of Indianapolis is a private, not-for-profit organization in the late stages of creation. Over the next few months, we hope to become fully functional and begin working in Marion County to address the thousands of vacant and abandoned properties. In the meantime, this blog will serve as an educational tool and reference guide for those who wish to know how this land bank will operate.
What is a Land Bank?
The following information roughly summarizes information found in Land Banks and Land Banking, a publication of the Center for Community Progress (CCP) by Frank S. Alexander in June 2011. Unless otherwise noted, citations in this post will refer to this publication. If you would like more information, the following link will direct you to the CCP website and a download for the PDF file.
A land bank is a “public authority or special purpose not-for-profit corporation that specializes in land banking activities.” So what is land banking? It is the “process or policy by which local governments acquire surplus properties and convert them to productive use or hold them for long-term strategic public purposes” (Alexander, 22).
The Land Bank of Indianapolis, specifically, will be dealing with the thousands of properties that plague Marion County communities. Our goal is to take the empty, blighted spaces and turn them into functioning public or green spaces. In addition to dealing with the many vacant and abandoned lots that already exist, the Land Bank will become the framework for dealing with future abandonment in a more timely manner.
Future Blog Topics
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- Why does Indianapolis need a Land Bank?
- How can we solve the problem of vacant lots?
- Positive outcomes from Land Banking
- How will the Indianapolis Land Bank be funded?
- Legislative Amendments for Land Banking