Mission The Mission of the Cuyahoga County Land Reutilization Corporation is to strategically acquire properties, return them to productive use, reduce

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CUYAHOGA COUNTY LAND REUTILIZATION CORPORATION

MissionThe Mission of the Cuyahoga County Land Reutilization Corporation is to strategically acquire properties, return them to productive use, reduce blight, increase property values, support community goals and improve the quality of life for county residents.

2Public PurposeTo facilitate the reclamation, rehabilitation and reutilization of vacant, abandoned, tax-foreclosed or other real propertyTo efficiently hold and manage that real property pending its reclamation, rehabilitation and reutilizationTo assist governmental entities and other non-profit or for-profit entities in the assembly of that real property and the clearing of title in a coordinated mannerTo promote economic and housing development of the county or region

3Responding Strategically to Market ConditionsBad Market Areas: Root Canal ModeProvides Much Needed Blight Clearance, Title Clearance, Demolition, Land AssemblagesCommunity Development Predicate to Economic DevelopmentBetter/Good Market Areas: Development Mode A tool to assist in growth & expansion relative to land use.

4AcquisitionSourcesGSEsREOsIndividual DonationsBoard of Revision/ForfeitureDue DiligenceTitle Work Order and ReviewAssessment Level 1 RequestClosing and Title TransferPreparation and Execution of Closing DocumentsRecording DeedTransfers and SalesPass Through Agreements with CDCsVacant Lot Transfers to Municipalities

Assessments

Every property isinspectedphotographedmajor systems analyzed Assessment Goalsadditional reviewrenovatedemolish

Completed 808 YTD

3,400 since inception

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Team Review For Every Property

Major System EvaluationRoofingPlumbingElectricalHVACWindows / WallsStructural EvaluationNeighborhood EvaluationAlternate UsesElected Officials / OthersFunding SourcesSpec DevelopmentFinal Disposition

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Assessment Photos

8Demolition Benefits Property ValuesBenefits surrounding homeowners

Benefits the local tax base

Griswold, Nigel, (2006). The Impacts of Tax-Foreclosed Properties and Land Bank Programs on Residential Housing Values in Flint, Michigan. Michigan State University. www.aec.msu.edu/theses/fulltext/griswold_ms.pdf

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Renovation

13706 Thornhurst Ave, Garfield Heights GarageExteriorKitchen1010

How Are Properties Disposed?

Deed-in-EscrowPro: Maximize productionCon: Property off tax duplicate during 4 month renovationCon: Risk buyer will not complete renovation

Straight SalePro: Title transfers in 30-45 daysCon: Lacks rehabilitation controls

In-House RehabilitationPro: Highest quality of workCon: Most expensiveCon: Limited Capacity

1111Current Data

2553 Acquisition Transactions to Date1211 Demolitions to Date529 Renovations (Deed in Escrow, Straight Sale, NSP)21 In House Renovations1257 Properties in Current Inventory to Date

Thank you!

13Notes