Mark Reiter wrote a fantastic article about the work the Land Bank has done to rehab the vacant & abandoned homes it has acquired over the past 4 years.  The story ran on the front page of The Blade yesterday, and you can read it by clicking here.

Nearly 200 properties have been rehabbed since the Land Bank was formed, and since our end-users spend an average of $25,000 per property, the Land Bank’s rehabilitation efforts have had roughly $5 million of positive impact on the local economy.  In addition, given that these 200 properties would have inevitably needed to be demolished had the Land Bank not acquired them, and given that the average cost of a demolition is $10,000, this initiative has also saved roughly $2 million in demolition costs.

All in all, the effort has had a profound positive impact on both the local economy and the quality of neighborhoods in our community.