The Land Bank is governed by a five-member Board of Trustees, each of whom is appointed by the City Council. The Hutchinson Housing Commission nominates two of its members for appointment by the City Council. The remaining three members appointed by City Council are required to have expertise in land development, construction, development finance, real estate sales or marketing, real estate law, neighborhood growth and development, or expertise related to the responsibilities of Land Bank operation.
Staff support for the Land Bank is provided by the City of Hutchinson Department of Planning and Development, primarily the existing Housing staff. An internal City staff working group with expertise in legal, property maintenance, planning/community development, historic preservation, and building codes provides technical and program support for land bank operation. The Reno County Appraiser is also a member of the working group and provides technical advice and expertise. Occasionally it will be necessary to hire outside expertise and services such as property appraisal, demolition, survey, real estate sales, and property maintenance.
The Land Bank’s focus will be on residential properties and strengthening residential neighborhoods by returning vacant, abandoned, foreclosed and unwanted properties to productive use. There may be a time where the Land Bank may consider commercial or industrial property, but current priorities are solely on residential properties.
Annual funding will be required for operation of the Land Bank to provide for operational expenses such as insurance, property maintenance, publication of legal notices, audit, legal and title expenses, and acquisition of property. It is not anticipated that the Land Bank will be self-supporting through lease or sale of property; if the real estate market could make a profit from vacant and abandoned property, then a land bank would not be needed.