Allen County began its land banking program in 2009 with the infusion of $2.5 million in county funds into the redevelopment commission's capital fund for purchasing property and making it shovel-ready. In addition, guidelines were created that established criteria for the purchase of and sale of property as well as the expenditure of capital funds to prepare land for development.
Under the guidelines capital funds can be used for:
Hiring consultants and contractors to complete shovel-ready on-site due diligence (soil borings, Phase I environmental studies, geological studies,title search, ALTA Survey and Mapping);
Purchase options on land after completing the shovel-ready due diligence;
Acquire land through outright purchase after due diligence completed;
Purchase easements for necessary infrastructure improvements;
Buy-down the cost of land as an incentive for expanding or new businesses; and,
Paying attorney's fees for legal work related to the development of shovel-ready sites and the purchase or optioning of land;
Engineering and construction costs of infrastructure improvements serving land owned by the Allen County Redevelopment Commission; and,
Any other costs or services related to the shovel-ready site certifications.
In total, the redevelopment commission has purchased over 500 acres for development and still has about 110 acres available in four areas. Three areas are actively marketed by the redevelopment commission and are located in Stonebridge Business Park.
As the land banking program has passed its ten-year anniversary, an economic impact analysis was completed in September 2020.