Philadelphia Considering Land Bank to Revive Vacant Parcels

East
Thursday, March 14, 2013
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(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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