MANKATO – Seed money provided by a grant helped establish The Land Bank in Mankato. The organization is designed to identify property before it falls into disrepair and encourage a higher standard of commercial and residential maintenance in the community.
The Land Bank Committee will encourage property owners to deed over property that needs demolition. Demolition or renovation will be completed, and the property resold, with profits going into the fund for future projects. The effort is designed to take out blighted buildings and encourage the growth of housing.
By September, the Land Bank had sold one empty lot and acquired one building for demolition.