Over the last four years, the Kent County Land Bank Authority (KCLBA) generated $42.9 million in estimated economic impact and 266 jobs in Kent County, according to an economic impact analysis by the Michigan State University Land Policy Institute released today.
“Our analysis demonstrates the Land Bank Authority’s critical role in supporting economic growth and development in Kent County,” said Mark Wyckoff, Interim Director at the MSU Land Policy Institute. “In addition to reducing blight and bringing dilapidated properties back to productive use, this study shows the land bank fills a critical gap in neighborhood restoration and economic development.”
Findings from an internal investigation by the Kent County Land Bank authority were released this week, and the study’s conclusions were welcome news to county officials.
Parrish and other county officials were on hand to hear the results of a community impact assessment of the Land Band Authority. The report, prepared by the Michigan State University Land Policy Institute found that the Land Bank had produced positive results for Kent County—over the last four years the KCLBA had generated nearly $43 million dollars in economic impact, while simultaneously creating new jobs.
Kent County Treasurer Ken Parrish, chairman of the Kent County Land Bank Authority, said there always will be a role for the Kent County Land Bank, which puts blighted and abandoned property back on the market.
The study by Michigan State University’s Land Policy Institute concluded the land bank generated $1.77 in the regional economy for every dollar it spent to acquire and rehab property.
The Kent County Land Bank has generated an economic impact of $42.9 million over the past four years, according to a study by Michigan State University Land Policy Institute.