ADOTPED - MAY 12, 2009
Agenda Item No. 10
Introduced by the County Services and Finance Committees of the:
INGHAM COUNTY BOARD OF COMMISSIONERS
RESOLUTION TO PROVIDE THE INGHAM COUNTY LAND BANK FAST TRACK AUTHORITY WITH CAPACITY BUILDING FUNDING
RESOLUTION #09-135
WHEREAS, the incidence of tax and mortgage foreclosure caused by economic turmoil and hardship through 2011 is expected to be significant; and
WHEREAS, in 2005 the County, County Treasurer and the Michigan Land Bank Fast Track Authority entered into an agreement to establish an Ingham County Land Bank; and
WHEREAS, the Land Bank has grown to be a significant economic development tool in Ingham County and is the major public responder to the plight of property thrown into tax and mortgage foreclosure; and
WHEREAS, the need exists for additional capacity at the Land Bank to deal with the growing inventory of property and the federal housing initiative(s) through the Neighborhood Stabilization Program; and
WHEREAS, the increased incidence of tax delinquency, forfeiture and foreclosure while increasing the responsibilities placed upon the Land Bank is also increasing the revenue to the delinquent tax revolving fund for tax years 2006 through 2008; and
WHEREAS, the Land Bank has significant physical assets with value to unlock and redeploy in the future, but faces property management and disposition challenges currently.
THEREFORE BE IT RESOLVED, that the County Board of Commissioners authorizes annual funding of $250,000 to the Ingham County Land Bank from the Delinquent Tax Revolving Fund for three years (516-25606 – 516-25608).
BE IT FURTHER RESOLVED, that the County Controller/Administrator is directed to make all necessary budget adjustments consistent with this resolution.
COUNTY SERVICES: Yeas: Celentino, Koenig, Holman, Copedge, Grebner, Vickers
Nays: None Absent: None Approved 5/05/09
FINANCE: Yeas: Grebner, Nolan, Bahar-Cook, Tennis, Davis, Dougan
Nays: None Absent: None Approved 5/06/09