KINGSTON CITY LAND BANK DISPOSITION POLICY AT A GLANCE
This policy explains what happens after the KCLB acquires a property. It is meant to be consistent with our mission of expanding opportunity to housing in the City of Kingston, while also putting these properties back into productive use. We hope to support the creation of accessible housing, green space, and other proposed uses with significant community benefits. We believe we can help revitalize neighborhoods, minimize blight, and expand the city’s tax base in a socially-conscious way that prioritizes the needs of Kingston residents and discourages real estate speculation.
HERE’S HOW THE PROCESS WORKS:
The Land Bank will acquire tax-foreclosed properties from the City of Kingston. Once the Land Bank becomes the legal owners, we will be immediately responsible for all property maintenance, security, insurance, etc. The Land Bank will post details of the acquisition online for the public.
The Land Bank will create a plan for “disposing” of the property—in other words, conveying it to new owners. This may or may not include full or partial rehabilitation of the property. Disposal can be done in a variety of ways:
- Request for Proposals (RFP): If the Land Bank has targeted the property for a specific potential use, we will publish an RFP to give interested buyers an opportunity to apply and create proposals. Proposals will include the purchase price offered, the planned use, the scope of the redevelopment plan, and the buyer’s qualifications and capacity to complete the project. This allows for more time for potential buyers to develop their offers and figure out financing. Contracts will be awarded based on price and the applicant’s proposal—in other words, the highest bid may not be awarded the contract if other proposals have more community benefit.
- Competitive Listing: the property will be listed with a licensed broker and available to take qualifying offers.
- Through Non-Competitive Sale, when the Land Bank may sell a property without listing and marketing it if the buyer’s proposal has significant community benefit.