Governor Kehoe Signs Land Bank Legislation
St. Louis County one step closer to establishing land bank
On July 13, Missouri Governor Mike Kehoe signed Senate Bill 973, which will give most cities and counties in Missouri the ability to create a land bank to help acquire vacant and abandoned properties and put them back into productive use. This is a significant development for St. Louis County as St. Louis City, Jackson County and Buchanan County are the only areas in Missouri that could have a land bank.
A land bank is a government agency that may take title of abandoned properties that do not sell at public tax auctions, they may also accept vacant or abandoned properties. Land banks are responsible for maintaining their properties, this alleviates municipalities from the financial burden of caring for derelict and sometimes dangerous sites. In partnership with the local community, land banks work to determine the best use for these abandoned sites, whether it’s housing, retail, work, entertainment or community spaces. Ultimately, land banks work to improve and sell properties so that they can become net positive community assets.
The next steps for establishing a St. Louis County land bank will include the County Council passing a new ordinance permitting the establishment a St. Louis County Land Bank. Once that passes, a new County Land Bank board will be appointed to do the work to formally establish the land bank. This includes developing and adopting articles of incorporation and bylaws, securing banking services, hiring staff, among other activities.
Once the St. Louis County Land Bank is created, any municipality in the County will be able to take advantage of it. According to the St. Louis County Land Bank Coalition, “Municipal leaders can work with the County collector to identify problem properties in their jurisdiction that would be eligible for land banking. These properties would go through the judicial tax sale process to clear title.” If the properties don’t sell at auction, the County landbank could accept the properties.
More information can be found here.