INDIANAPOLIS—A proposal offered by Senate Democratic Leader Tim Lanane (D-Anderson) that would help local governments rehabilitate vacant spaces in their neighborhoods was approved by the Senate on Monday.
“We are proud to call Indiana home, Hoosiers take pride in their communities,” said Sen Lanane. “Creating land banks is a way to turn vacant lots and unsafe buildings into rehabilitated properties that can add to a community’s value.”
Indianapolis has the 12th highest vacancy rate amongst the 75 largest metropolitan areas in the country.
Senate Bill (SB) 232 would allow counties, consolidated cities, or certain second class cities to create a municipal corporation known as a land bank. These land banks would be able to manage and improve the marketability of distressed property in their jurisdiction.
The entity establishing the land bank in local governments would be required to provide a list of properties available for land bank renewal. This proposal improves the previous system used in Marion County that was tested in Indianapolis. These land banks would have a governing board that would be convened to make decisions regarding land bank properties and operations.
Land banks’ mission would be to reposition properties for the improvement of the community. This mechanism would turn current vacant lots and unsafe buildings around the state into productive properties and reduce blight.
SB 232 passed the Senate unanimously. The bill will now move to the House of Representatives for further consideration.
Senator Lanane represents Indiana Senate District 25, which includes the city of Muncie, parts of Anderson as well as parts of Delaware County. For more information on Senator Lanane, his legislative agenda, or other State Senate business call 1-800-382-9467 or visit https://www.indianasenatedemocrats.org/senators/s25/.
NOTE: A photo of Sen. Tim Lanane can be downloaded at: https://www.indianasenatedemocrats.org/wp-content/uploads/2014/11/Lanane.jpg