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Mission

Mission. The Mission of the Cuyahoga County Land Reutilization Corporation is to strategically acquire properties, return them to productive use, reduce blight, increase property values, support community goals and improve the quality of life for county residents. . Public Purpose.

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Mission

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Presentation Transcript

  1. Mission The Mission of the Cuyahoga County Land Reutilization Corporation is to strategically acquire properties, return them to productive use, reduce blight, increase property values, support community goals and improve the quality of life for county residents.

  2. Public Purpose • To facilitate the reclamation, rehabilitation and reutilization of vacant, abandoned, tax-foreclosed or other real property • To efficiently hold and manage that real property pending its reclamation, rehabilitation and reutilization • To assist governmental entities and other non-profit or for-profit entities in the assembly of that real property and the clearing of title in a coordinated manner • To promote economic and housing development of the county or region

  3. Responding Strategically to Market Conditions • Bad Market Areas: Root Canal Mode • Provides Much Needed Blight Clearance, Title Clearance, Demolition, Land Assemblages • Community Development Predicate to Economic Development • Better/GoodMarket Areas: Development Mode • A tool to assist in growth & expansion relative to land use.

  4. Acquisition Sources • GSEs • REOs • Individual Donations • Board of Revision/Forfeiture Due Diligence • Title Work Order and Review • Assessment Level 1 Request Closing and Title Transfer • Preparation and Execution of Closing Documents • Recording Deed Transfers and Sales • Pass Through Agreements with CDC’s • Vacant Lot Transfers to Municipalities

  5. Assessments Every property is inspected photographed major systems analyzed Assessment Goals additional review renovate demolish Completed 808 YTD 3,400 since inception

  6. Team Review For Every Property Major System Evaluation • Roofing • Plumbing • Electrical • HVAC • Windows / Walls Structural Evaluation Neighborhood Evaluation Alternate Uses • Elected Officials / Others • Funding Sources • Spec Development • Final Disposition

  7. Assessment Photos

  8. Demolition Benefits Property Values • Benefits surrounding homeowners • Benefits the local tax base Griswold, Nigel, (2006). The Impacts of Tax-Foreclosed Properties and Land Bank Programs on Residential Housing Values in Flint, Michigan. Michigan State University. www.aec.msu.edu/theses/fulltext/griswold_ms.pdf

  9. Renovation Exterior Garage Kitchen 13706 Thornhurst Ave, Garfield Heights

  10. How Are Properties Disposed? • Deed-in-Escrow • Pro: Maximize production • Con: Property off tax duplicate during 4 month renovation • Con: Risk buyer will not complete renovation • Straight Sale • Pro: Title transfers in 30-45 days • Con: Lacks rehabilitation controls • In-House Rehabilitation • Pro: Highest quality of work • Con: Most expensive • Con: Limited Capacity

  11. Current Data • 2553 Acquisition Transactions to Date • 1211 Demolitions to Date • 529 Renovations (Deed in Escrow, Straight Sale, NSP) • 21 In House Renovations • 1257 Properties in Current Inventory to Date

  12. Thank you!

  13. Notes

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