Large Numbers of Vacant Properties in Kansas City Spurs Creation of Land Bank

Missouri Gov. Jay Nixon is traveling to Kansas City today for a signing ceremony which authorizes the city government to create a “land bank”. This new government entity will have the authority to buy up the large numbers of the city’s vacant and blighted properties in an effort to improve and resell them. I have many questions including who will manage this project, who will be the buyers of the improved properties, will they be available through the normal multiple listing service (MLS), will realty companies be involved, how is this project funded. Also, I am curious about the city’s process of purchasing these properties, and I am concerned about them overpaying for properties that seemingly nobody wants. More info to come.

KCTV5 – Nixon signing Kansas City ‘land bank’ bill, July 9, 2012