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
STEPS TOWARD PROSPERITY Foreclosed Property
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
66 homes listed on MLS 18 demolitions 84 different private sector development partners 7 different nonprofit development partners
Sold to Developers
$609,000 taxpayer savings 3 Seeds of Investment
$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:
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 regionâ€™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%
renovations and demolitions
75.9% property sales
29.5% back taxes and liens to local governments
5/50 property tax income
13.7% administration and overhead
other KCLBA Services and Financials
“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.
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
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
This report has been made possible by the generous support of: Underwriters:
Founders Bank & Trust
Van Eck Law, P.C.
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. PJâ€™s & Howells Home Run Real Estate