The Rotary Club of Akron, during our Tuesday, November 1st meeting, had the opportunity to listen to Jim Davis as he presented the history and current developments with the Summit County Lank Bank (SCLB). View the presentation by clicking here.What is the Mission of the SCLB?
“The Summit County Land Reutilization Corporation will support neighborhood and community reinvestment and economic development efforts through the strategic acquisition, reclamation, rehabilitation and reutilization of property in Summit County to revitalize neighborhoods and communities, stabilize property values, reduce blight, return property to productive use, and improve the quality of life in our community.”
Why does Summit County have a Land Bank?
Land Banks were created through Federal legislation to tackle the mortgage foreclosure crisis during the economic recession in 2008. In Ohio, more than 100,000 abandoned and blighted homes existed.
- 2009 - Cuyahoga created the 1st Ohio land bank.
- 2012 – Summit County Land Bank was designated as agent for the county; more than 5000 abandoned and blighted properties in Summit County.
- 2018 – Between 2009 and 2022, 65 land banks have been established in Ohio.
- 2012- 2018 – SCLB builds programming/staff; removes 1,600 abandoned and blighted properties.
How is SCLB funded?
- Program Income – 66%
- Delinquent Taxes – 31% (5% of the delinquent tax collected is distributed to SCLB)
- Grant Funding – 3%
What Programs are Available through the SCLB?
- Welcome Home – Encourages home ownership by listing affordable residential properties for individuals and organizations to purchase.
- Side Lot – Allows eligible property owners to acquire vacant land. If your house lies adjacent to a vacant lot, you may be qualified to expand your property.
- Underground Storage Tank Removal – This program was created to rehabilitate properties that contain underground storage tanks. These tanks often contain hazardous chemicals that could cause environmental concerns and costly remediation.
- Building for Business – Facilitates the acquisition of commercial and industrial properties. Eligible properties include those currently owned by the SCLB and properties that are vacant, abandoned, bighted, and certified tax-delinquent.
- Matching Grants –
- Supports projects that fulfill their mission to strengthen neighborhoods and communities.
- Available to local governments, schools, and nonprofit organizations.
- Grant funds are only available on a fifty percent (50%) match reimbursement basis, up to the maximum award amount per grant period.
- Demolition –
- Funding is available for the demolition of commercial and residential buildings and revitalization of surrounding properties on sites that are not brownfields.
What has been the impact of the SCLB to our Community?
Community Development –
- $245,785 leveraged for residential investment
- 1,928 improved properties
- 24 communities served
Economic Development –
- $17,8 million leveraged commercial investment
- $7.2 million direct investment with local vendors
Financial Impact –
- $17.3 million delinquent property tax extinguished
- $16 million direct community investment
- $74.9 million indirect community investment
The above figures are cumulative, as of December 31, 2018, and represent actual past program activity and actual, or estimated, funds leveraged as a portion of overall project costs for residential and commercial projects.
To learn more about the Summit County Land Bank and more in-depth explanations about each of their programs, check out their website at www.summitlandbank.org.
Terry Dalton
Club Secretary & Scholarship Chair
Club Secretary & Scholarship Chair
