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

Mission

The 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.

Public Purpose• To facilitate the reclamation, rehabilitation

and reutilization of vacant, abandoned, tax-foreclosed or other real property

• To efficiently hold and manage that real property pending its reclamation, rehabilitation and reutilization

• To 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 manner

• To promote economic and housing development of the county or region

Responding Strategically to Market Conditions

• Bad Market Areas: Root Canal Mode– Provides Much Needed Blight Clearance,

Title Clearance, Demolition, Land Assemblages

– Community Development Predicate to Economic Development

• Better/Good Market Areas: Development Mode – A tool to assist in growth & expansion

relative to land use.

AcquisitionSources

– GSEs– REOs– Individual Donations– Board of Revision/Forfeiture

Due Diligence– Title Work Order and Review– Assessment Level 1 Request

Closing and Title Transfer– Preparation and Execution of Closing Documents– Recording Deed

Transfers and Sales– Pass Through Agreements with CDC’s– Vacant Lot Transfers to Municipalities

AssessmentsEvery property is

inspectedphotographed

major systems analyzed

Assessment Goals

additional review

renovatedemolish

Completed 808 YTD

3,400 since inception

Team Review For Every Property

Major System Evaluation– Roofing– Plumbing– Electrical– HVAC– Windows / Walls

Structural Evaluation

Neighborhood Evaluation

Alternate Uses– Elected Officials /

Others– Funding Sources– Spec Development– Final Disposition

Assessment Photos

Demolition Benefits Property Values

• Benefits 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

Renovation

13706 Thornhurst Ave, Garfield

Heights

GarageExterior

Kitchen

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How Are Properties Disposed?• Deed-in-Escrow

– Pro: Maximize production– Con: Property off tax duplicate during 4 month

renovation– Con: Risk buyer will not complete renovation

• Straight Sale– Pro: Title transfers in 30-45 days– Con: Lacks rehabilitation controls

• In-House Rehabilitation– Pro: Highest quality of work– Con: Most expensive– Con: Limited Capacity

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Current Data

• 2553 Acquisition Transactions to Date

• 1211 Demolitions to Date• 529 Renovations (Deed in

Escrow, Straight Sale, NSP)• 21 In House Renovations• 1257 Properties in Current

Inventory to Date

Thank you!

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Notes