Objective: To encourage and provide opportunities for redevelopment of older residential neighborhoods.
Key Features and Policies
- The City shall post and/or list Land Bank lots for sale at a fair market value.
- The City may transfer ownership of a lot to the owner of an adjacent lot, for payment of $500 per lot or otherwise on terms and conditions acceptable to the City Manager.
- The City may transfer ownership of a lot without charge, to persons or non-profit organizations wishing to construct a new residential dwelling or other new structure on the lot. Construction must be completed on the property within 5 years of the date of transfer, or ownership may at the City’s request, revert back to the City.
The City shall accept transfers into the Land Bank program only if:
- The land is unimproved and suitable for new construction
- The transfer is authorized by the City Manager
- To be eligible to purchase or otherwise receive property from the City Land bank, the recipient must have:
- no delinquent property taxes
- no history of unresolved and/or extended code enforcement violations
- All property received from the Land Bank must be properly maintained, with no notices of code violations for 1 year after conveyance, or ownership may, at the City’s request revert back to the City.
- All uses and construction on property received from the Land Bank must comply with all applicable laws, including but not limited to, Arkansas City Municipal Code, including its Building, and Maintenance codes.