Wayne County Land Bank plans 3 developments in Detroit, 1 in Highland Park

The Wayne County Land Bank has acquired six vacant parcels - three of which are in Detroit and one that is in Highland Park - and plans to redevelopment them with the assistance of property tax breaks.

Excerpt:

The land bank can clear title on property so a buyer isn't scared off by the prospect of a former owner reclaiming the land someday.

Three of the six prospective developments are in Detroit. Grosse Pointe Woods, Highland Park and Van Buren Township all have one.

In each case, the owner of the property agreed to put the land into the land bank. In exchange, five of the sites will be exempt from property taxes in the year building begins, and will owe half the usual property tax for the next five years.

The [sixth] potential development -- a plan to build 1,000 housing units on Detroit's east side -- would not result in a tax break, but the land bank would clear title on 600 parcels.

Read the entire article here.

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