Does the LandBank check allof its properties for liens?
Yes, to the extent possible. Although recent liens may have occurred since acquisition (as a result of demolition and/or nuisance abatement activity, such as weed mowing), the Land Bankacts to resolve theseprior to the sale of the property.
Are neighbors given the first option to purchase properties?
Yes. Owners of neighboringproperties are given the first option to purchase vacant lots that adjoin their property. See Side Lot Program.
How is the asking price for each property determined?
The Land Bank is required to sell properties for at least two-thirds of their fair market value. Asking prices are based on the fair market value as determined by the County Assessor; however, other sources of market value may also be used. Offers for less than two-thirds fair market value must be approved by four of the five commissioners.
The commission also has the authority to establish specific categories of properties that can be sold at set prices (for example, the Side Lot Program).
Are the sale prices dictated by either the City or State?
There aresome limitations within the state statute (such as majorityapproval of the commissioners for sales at less than two-thirds appraised value), but for the most part, no. The method for setting prices is described in the Land Bank’s policies and procedures, which were established by its commissioners.
What happened to properties held by Land Trust?
The LandTrust of Jackson Countycontinues to hold tax-foreclosed properties located outside of Kansas City. Properties within the Kansas City boundaries were transferred to the Land Bank. Going forward, properties within Kansas Citythat arenotsold at tax- foreclosure auctions will be transferred to the Kansas City Land Bank. Properties outside of Kansas Citywill be transferred toLandTrust of Jackson County.
I have heard about the Kansas City, Missouri Homesteading Authority. What is its connection with the Land Bank?
The HomesteadingAuthorityis a nonprofit corporation run bya board of directors whoare appointed bythe mayor and citymanager. Itparticipated innegotiations with Bank of America regardingthe donation of foreclosed homes. At that time, the Land Bank did not exist, and theLand Trust was (and is) unable to acceptdonations of property. Future negotiations regarding the donation of foreclosed homes will involve the Land Bank instead.