The Observation Deck

Several items under old business topped the agenda.

The first was an ordinance to establish a land bank. This was addressed in a report from the finance committee. The purpose of a land bank according to Planning Director Thomas Jordan is to transform tax delinquent properties which might include unoccupied, dilapidated houses, vacant buildings and open, empty lots into tax generating properties. Under the proposed ordinance the City would be able to hold land donated from other governmental entities as well as private individuals for future development needs. Procedures for acquiring the land from sheriff’s auction are outlined under the ordinance.

The committee, chaired by Seelie (ward three) cites four advantages to this program. First, Lakewood can ensure that tax-foreclosed property is sold or developed with the long-term interest of the community and surrounding property owners in mind. Second, the City can provide a marketable title to properties previously impossible to develop due to complicated liens and confused ownership histories. Third, land bank programs are useful to safeguard healthy communities from deterioration. And, fourth, the land bank would allow Lakewood to overcome legal structures that restrain rather than foster the conversion of public land and private liens on private land into performing assets.

The ordinance was passed.