Philadelphia Considering Land Bank to Revive Vacant Parcels

Thursday, March 14, 2013
(Courtesy Philly Land Bank)

(Courtesy Philly Land Bank)

The Philadelphia City Council will consider several bills aimed at transforming thousands of vacant parcels into development districts, or a land bank. The Philadelphia Inquirer reported that the city spends an estimated $20 million on keeping up these tax-delinquent parcels. Council President Darrell L. Clarke will propose that the city create development districts on vacant, publicly owned land. The city would provide a number of incentives to entice developers to build on these properties, such as discounts, expedited permitting, and easy re-zoning. The city is also looking at establishing a land bank within the Philadelphia Housing Development Corporation to take over these properties and then sell them at low prices.

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