Warner Norcross + Judd LLP partners Rachel Foster and Kurt Brauer have written an article published in the Grand Rapid Business Journal titled “Land banks prove their power — if used correctly.” The article highlights how land banks can be useful in assisting governmental entities clear property titles and return them to productivity.
An economic development tool adopted through the Land Bank Fast Track Act of 2003, land banks typically acquire tax-foreclosed properties and go through a quiet title action in the circuit court to facilitate the development of properties. They align with other incentives, such as the Brownfield Redevelopment Financing Act, which promotes the revitalization, redevelopment and reuse of properties, including tax-reverted, blighted, functionally obsolete and other properties.
Specific to “blighted” properties – Foster and Brauer uncover how a land bank’s involvement in a development project can provide seemingly “unqualified projects” with core community status, enabling a wide range of eligibility in its brownfield plan.
Foster and Brauer outline steps to consider when entertaining the land bank option – and the incentives that motivate a land bank to participate.
GRBJ subscribers can read the article here.
Foster provides skilled representation for clients across numerous industries in a wide array of real estate transactions – including construction contracts, condominiums, foreclosures, real estate acquisitions, sales and beyond. Learn more about her practice here.
Brauer manages a broad, multifaceted legal practice – assisting clients with environmental and economic development matters across several industries, including the agribusiness, automotive, manufacturing, resource-use, energy, mining and real estate development sectors. Learn more about his practice here.
By providing discerning and proactive legal advice, Warner Norcross + Judd LLP builds a better partnership with our clients. An AmLaw 200 firm, we’re one of Michigan’s largest law firms focused on providing the best legal solutions and exceptional client service to organizations throughout the world. Connect with us on wnj.com, LinkedIn, Twitter or Facebook.
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