Page 1

2014

Annual Report


Mission, Vision, Values

2

Mission

Vision

Values

...works to quickly return property to productive use.

...partners with local governments, community groups, and private sector redevelopers by offering the unique tools available to land banks to achieve the optimal outcome in the real estate and economic development processes.

...shares with its partners the long-term goals of eliminating blight, increasing property values, preserving neighborhood character, and promoting economic development.


“The seeds of reinvestment planted now will have a ripple effect for decades to come.“ I am excited to share the growing impact of the Kent County Land Bank Authority (KCLBA) throughout 2014. The year represented a continuation of our successful partnership with the City of Grand Rapids supporting the redevelopment of all their tax-foreclosed properties. We are also excited to have worked with a growing number of municipalities throughout Kent County including Kentwood, Grandville, and the Village of Sparta. As you will see in the following pages, we serviced 277 properties in 2014 with a total economic impact of nearly $21 million. In Grand Rapids, the KCLBA provided much needed inventory to the region’s thriving real estate market and removed blighted homes that hinder redevelopment. In Kentwood, we addressed a longtime blighted rental property selling it to a new homeowner. We supported the construction of two new homes in Grandville and the list continues. I am so proud of the KCLBA’s work over the last year to improve the value of countless properties and catalyze millions of dollars in private real estate investment. We are already seeing the positive results of this work through stabilized neighborhoods and elimination of

nuisance properties. The seeds of reinvestment planted now will have a ripple effect for decades to come. I am happy to see local elected officials, real estate developers, nonprofits, and investors rally around this critical opportunity, because we all know how important the Land Bank is to our County’s economic vibrancy. I look forward to the KCLBA expanding upon its successes in the coming year, partnering with more municipalities, and being a helpful tool in the box of options to handle truly blighted, value-decreasing properties. I would like to thank the many partners who have supported this work. I believe the KCLBA is a key ingredient in Kent County’s prosperity and I look forward to growing our impact in 2015.

Kenneth Parrish Kent County Treasurer and KCLBA Board Chair

Letter from the Chair

3


4

STEPS TOWARD PROSPERITY Foreclosed Property

214 1

total tax forclosures in kent county

KCLBA Purchases & Preps Properties

$2,738,000 $1,019,809 renovation dollars invested paid to local units in back & leins taxes 2 Grandville 3 Kentwood 127 Grand Rapids

132

parcels purchased

66 homes listed on MLS 18 demolitions 84 different private sector development partners 7 different nonprofit development partners

2

Sold to Developers

$609,000 taxpayer savings 3 Seeds of Investment

4

$21,000,000 in economic impact

$2,700,000 in private construction contracts 70% decrease in blight

56% increased homeownership


KCLBA Services The Kent County Land Bank provides three services using tax and mortgage foreclosure properties:

Support

Supply

Prepare

Work with public, private, and nonprofit entities to devise market base solutions that affirm local master plans, increase property values, attract talent, and spark business investment.

Provide properties to the region’s proven developers with track records of success to maximize their investment

Stabilize and prepare properties to succeed in the market place

KCLBA Financials 41.8%

Expenses

Revenue

renovations and demolitions

75.9% property sales

19.7%

29.5% back taxes and liens to local governments

grants

15%

3.3%

property maintenance

5/50 property tax income

13.7% administration and overhead

1.2% $3,459,907

$3,630,367

other KCLBA Services and Financials

5


“The Kent County Land Bank is essential to the growth and prosperity of our community” – Kelly Fisher, Parrothead Properties

Parrothead Properties Kelly Fisher of Parrothead Properties reflects the values held deeply in West Michigan’s business community. She expertly renovates properties purchased from the Kent County Land Bank Authority, while also providing first-time homebuyers an opportunity to own a home and add value to their neighborhood. Parrothead Properties’ has invested more $100,000 to turn this once dilapidated home at 1123 Lane NW into a West Side gem.

Deep Impact

6

Kelly loves working with the Kent County Land Bank, because it provides her and other developers an opportunity to quickly acquire inventory at a reasonable cost and with clear title. Parrothead Properties looks forward to partnering with the KCLBA in 2015 to purchase several more homes and continue their quest to revitalize the neighborhoods of Kent County.


Kent County Land Bank Authority Board of Directors: Ken Parrish

Rosalynn Bliss

Steve Maas

Dennis Kaminski

Stan Ponstein

Chair Treasurer County of Kent

Treasurer Commissioner City of Grand Rapids

Mayor City of Grandville

Supervisor Tyrone Township

Commissioner County of Kent

KCLBA Advisory Council: Ben Sietsema, Rockford Construction Brian Hofstra, Founders Bank & Trust Darel, Ross, LINC Erin Banchoff, City of Grand Rapids Jack Hoffman, Kuiper Orlebeke

Julie Rieberg, Grand Rapids Area Realtors Lee Nelson Weber, Dyer-Ives Foundation Lisa Golder, City of Kentwood Rebecca Rynbrandt, City of Wyoming

KCLBA Staff: David C. Allen, Executive Director David de Velder, Director of Real Estate Development

Renee Williams, Huntington Bank Rick Chapla, The Right Place Steve Ruis, SDR Ventures Taffy Dickerson, Seeds of Promise

LouAnn Bryant, Administrative Assistant Vincent Lambert, Accountant

KCLBA Team

7


This report has been made possible by the generous support of: Underwriters:

Founders Bank & Trust

Van Eck Law, P.C.

Sponsors

Next Step of West Michigan

Sun Title Agency of Michigan LLC

Supporters AAA Lead Inspections Able Construction Company Lee Kitson Builder, Inc. Redmon Heating & Cooling, Inc.

Re/Max Sunquest GLP Investments,LLC Cross Contracting McDonald Plumbing

Griffin Properties New Development Corp. PJ’s & Howells Home Run Real Estate

KCLBA - Annual Report  

2014 Annual Report

Read more
Read more
Similar to
Popular now
Just for you