The Griffin-Spalding Land Bank Authority is considering an agreement with the Griffin Housing Authority to help the Housing Authority reduce its tax liability.
“It gives us banking separation,” Housing Authority CEO Bob Dull said.
He explained “our objective is not to just sit on properties but to repurpose them” and get them back on the tax rolls.
This would be for parcels acquired by the Housing Authority, to be demolished, or fixed up and resold. He explained many of the parcels are donated and some are purchased and“this agreement is all of us working together.”
Dull said “deposit agreements, like this, are something new. Macon has one too.”
As proposed in the agreement, when the Housing Authority moves a parcel into the Land Bank, the Housing Authority remains responsible for maintenance and payment of contractors. They would have the ability to withdraw the property at any time to convey to a purchaser after paying the Land Bank for the costs incurred for the transfer.
“It indirectly makes us an agent of the Land Bank,” Dull said. “If we don’t pay our bills, we can’t get the land back.”
The properties conveyed would be insured by the Housing Authority and may be marketed by the Housing Authority. There would be individual contracts for each parcel conveyed, Dull suggested.
The Land Bank discussed the proposed agreement last week, will be reviewing it, and consider action on it at its October meeting, according the Land Bank Chairman Newton Galloway. Dull said the Housing Authority would consider the agreement at its November meeting.
- Sep 19,2017