What is a land bank?
A land bank is essentially a tool for municipalities to combat blight through repurposing vacant, underutilized, and tax-delinquent properties.
Winnie Branton, the principal of land development consulting firm Branton Strategies, is working closely with the county to develop a land bank. When describing a land bank, she said she wants people to think about the “eyesore property” in their neighborhood that has been abandoned for years. The doors and windows might be boarded up. Weeds might be growing uncontrollably. There may even be illegal activity happening on the premises.
“The land bank is a tool for acquiring that property, clearing it of its liens and other encumbrances, and then preparing that property for transfer to a new owner who’s going to redevelop and rehab that property to meet the community’s needs and local codes and ordinances,” Branton said.
Branton said blighted properties impose “significant costs on taxpayers” through frequent police visits, fires, and a lack of tax revenue.
Why create a land bank?
“By addressing these vacant, abandoned, and tax delinquent properties to a land bank, the goal is to increase the value of surrounding properties, to improve the quality of life, and just create that better sense of community by alleviating the need of these isolated properties,” Branton said.
Growing research shows urban blight remediation can address mental health problems and reduce gun violence.
In order to start a land bank, local governments must first create a new entity to handle the responsibilities or pass off the obligations to an authority. Back in September, County Council voted unanimously to designate the Delaware County Redevelopment Authority to act as the manager of the land bank.
Right now, there are 38 land banks operating in Pennsylvania, including the neighboring Philadelphia Land Bank. Across the country, municipalities such as Detroit and New York have turned to land banks as the solution to revitalize blighted neighborhoods — to varying degrees of success.