By PHYLLIS ZORN

Staff writer

Hillsboro on Tuesday established a land bank for properties that have been abandoned, foreclosed, or are otherwise distressed.

Its purpose is to eliminate blight, enhance neighborhood stability, create opportunity for affordable home ownership and rentals, and maintain property values.

City council members Tuesday voted unanimously to establish the bank. Properties can be purchased or given to the land bank. The land bank can refuse to accept property.

Property owned by the land bank is not subject to taxes.

A land bank is a government entity used to aid the buying and selling of property. It creates tax benefits and streamlines the purchase of rehabilitated property to get it back on the tax rolls.

Properties can be sold without competitive bidding. Property does not have to be sold as a single transaction, but can be divided or consolidated.

Marion created a land bank in 2017 and has sold a number of formerly-derelict properties to owners who improve them.