Iola’s newly established land bank is open for business. This bank is not a financial institution in a traditional sense. You can’t go in and ask for a loan, or even make a deposit. In fact, its only “assets” will be vacant lots, with the intention of filling them with new homes or businesses. The City of Iola Land Bank announced last week it is now accepting residential properties for donation. There are a few notable stipulations, said Matt Rehder, city administrator. For one, the land must be vacant with no structures, and at least 50 feet by 100 feet. The current owners must have a clear title, and must be up to date on property taxes. Secondly, the land must be donated. The city has no such thing as a “land bank” budget, Rehder noted, and thus will not be able to pay for any pieces of land. Similarly, the city would donate the property to prospective developers.
Read more: The Iola Register
