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File #: 63575    Version: 1 Name: Approval of City of Madison’s Land Banking Policy
Type: Resolution Status: Items Referred
File created: 12/30/2020 In control: COMMUNITY DEVELOPMENT AUTHORITY
On agenda: 1/19/2021 Final action:
Enactment date: Enactment #:
Title: Approval of City of Madison’s Land Banking Policy
Sponsors: Patrick W. Heck, Lindsay Lemmer, Marsha A. Rummel
Attachments: 1. CDA Res 4441.pdf, 2. City of Madison Land Banking Fund Policy_Draft_5.13.21.pdf, 3. Public Speakers Registrants Report-Housing Strategy Committee 1-28-21.pdf, 4. Emailed Public Comments Housing Strategy Committee 1-28-21.pdf

Fiscal Note

The Economic Development Division’s Land Banking capital program was created in the 2020 Adopted Capital Budget, which included $1 million in 2020 funding. This capital program was amended by adopted RES-20-00371 (File ID: 60226) and increased the program budget by $1.26 million for a specific property acquisition, which is funded by TIF proceeds through TID #42. The 2021 Adopted Capital Budget includes an additional $3 million for 2021 funding. The current available budget for the Land Banking capital program is approximately $4.2 million.

Title

Approval of City of Madison’s Land Banking Policy

Body

BACKGROUND:

As part of the City’s 2020-2024 Adopted Capital Improvement Plan, Common Council adopted budget authority for a Land Banking program. This program is to be used for the acquisition of land and buildings each year for future affordable housing, neighborhood amenities, employment opportunities, and/or other uses identified by the City. The Capital Budget specified that a Land Banking policy would be created by the City’s Housing Strategy Committee and adopted by the Common Council. The Land Banking policy proposes creating a set of guidelines to inform how real property will be acquired and how uses of acquired property will be prioritized when identifying potential acquisition sites.

The Land Banking policy proposes to establish a set of baseline criteria that City staff will use when evaluating a site’s appropriateness for acquisition and where land may be prioritized for improvement or expansion of community-oriented land uses. The commitment of City funds through this Land Banking fund aims to minimize the displacement of low-income persons and businesses located in the City of Madison, especially in areas proximate to frequent transit service.

ACTION:

WHEREAS, the City’s 2020-2024 Adopted Capital Improvement Plan provided for the allocation of $1 million annually for the creation of a Land Banking fund that would be administered by the City’s Economic Development Division; and,

WHEREAS, the City’s 2021 Adopted Capital Budget allocated $5 million in General Obligation borrowing proceeds to the Land Banking fund; and,

WHEREAS, the 2020 Adopted Capital Budget directed staff to establish a policy to guide the administration of the Land Banking fund; and,

WHEREAS, a group comprised of staff from the City’s Economic Development, Community Development, and Planning Divisions were consulted during the drafting of the Land Banking policy; and,

WHEREAS, the Land Banking policy, as presented, prioritizes the identification of land in areas undergoing revitalization, or are in the process of “gentrifying,” that risks displacement of low-income individuals living in and businesses owned by low-income persons located in those areas; and,

WHEREAS, the anticipated use of property acquired with Land Banking funds will be consistent with the City’s zoning ordinance and all adopted plans; and,

WHEREAS, the Common Council will provide final approval to purchase all land and improvements identified by staff to be acquired with Land Banking funds;

NOW THEREFORE BE IT RESOLVED, that the Common Council accepts the recommendation of the Housing Strategy Committee regarding the adoption of the City’s Land Banking policy and guidelines for acquisition of real property; and,

BE IT FURTHER RESOLVED, that the Common Council accepts the Land Banking policy guidelines as drafted by City staff as the official Land Banking policy of the City of Madison; and,

BE IT FINALLY RESOLVED, that the Common Council directs the Economic Development Division, Community Development Division, and Planning Division, and other responsible staff to begin implementation of the approved policy.