How is the Fairfield County Land Reutilization Corporation funded?
The Land Bank is not funded through general revenue funds of the County. The Land Bank is funded through an additional fee of five per cent of all collections of delinquent real property, personal property, and manufactured and mobile home taxes and assessments. O.R.C. 321.261. The County has also opted to increase the interest rate charged against delinquent taxes to 12% per the O.R.C. While the County is not prohibited from supporting the Land Bank, it has chosen not do so out of its general funds. Additionally, the County is not liable for any obligations of the Land Bank.
Legally, the Land Bank is a separate and distinct entity from the County government. The Land Bank is also authorized to receive tax foreclosed properties. The proceeds from these properties may be used to fund the continued mission of the Land Bank, i.e., demolition, stabilization and rehabilitation of substandard properties. Additional outside sources of funding include, but are not limited to, gifts, grants and loans, including the issuance of its bonds.