REPORT TO THE CITY COUNCIL
FROM: JENNIFER CLARK, Director
Planning and Development Department
BY: PHIL SKEI, Assistant Director
Planning and Development
SUBJECT
Title
Actions pertaining to the creation of a Land Bank:
***RESOLUTION - Adopt a Resolution establishing a Land Bank for the City of Fresno. (Subject to Mayor's Veto)
Body
RECOMMENDATION
Staff recommends that the City Council establish a land bank for the purpose of coordinating acquisitions and dispositions of potential infill development sites with individuals and developers interested in developing vacant and abandoned land within the City of Fresno.
EXECUTIVE SUMMARY
The creation of a City land bank will help with the reuse of specific real property for affordable housing, administer certain housing programs, and support targeted redevelopment efforts in Fresno neighborhoods. A land bank will also protect the City's public health, safety, and general welfare by improving the City's ability to create affordable housing, community use green space, and to reduce incidence of property vacancy, blight, and detrimental speculation.
BACKGROUND
Land banking provides governments the ability to hold abandoned, vacant, and tax delinquent properties for future developments with additional influence over the locations suitable for development that fulfils local priorities. It enables governments to use market fluctuations to their advantage by investing in property when prices are low and developing or selling property when prices change. Land banks can be set up to support local priorities, such as preserving existing affordable housing or construction of new affordable housing and for properties that provide equity to residents. Land banks can reduce the cost to develop land in many ways - for example, by acquiring and consolidating parcels to enable redevelopment or holding property tax-free while non-profit developers seek permitting approval and development grants and financing.
Staff is rec...
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