The Wellington City Council could soon be voting on an ordinance that would establish “land banks” – a practice in which the city of Wellington could purchase property, redevelop it, and then sell/donate it to prospective developers. Land banks are used to address development issues as well as urban blight. They are set up through city ordinances and give the city leverage as to what is done with the properties while also reducing the number of absentee landowners. The City would be obligated to mow and maintain the land bank property until sold or developed. Land Banks could define the standards for the property and abate the back taxes.
Source: Sumner NewsCow
