Land Banking Fund Policy
The objective of the land banking program is for the city to acquire land and buildings that could be used for future economic development, affordable housing projects and other city uses. The goal of this program is to acquire strategic properties for future purposes that might include: assisting displaced businesses, reducing blight, stabilizing housing markets, improving the quality of life of residents and neighborhoods and preserving land for city purposes, such as parks.
Priority uses of land banked properties include affordable housing, neighborhood revitalization and economic development. Urban agriculture in the form of community and market gardens, greenhouses, vertical farming and similar agriculture initiatives are welcome alongside the previously noted priorities.
Using approved property acquisition and disposition criteria, city staff develops recommendations for each property proposed for land banking funding, which is then reviewed and submitted for approval by the Common Council.