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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – April 23, 2026 <br /> <br />Page | 8 <br /> <br />be supported through Land Bank revenues, reducing the City’s direct <br />role in routine upkeep. Also, the startup funding will ensure the Land <br />Bank is funded for this maintenance. <br /> <br />Secretary Wax inquired about do we have an estimate of what the City’s <br />annual financial contribution to the Land Bank will be in future years? <br />Mr. Molnar responded that the approved interlocal agreement outlines <br />City contributions of $500,000 initially, followed by $300,000 annually <br />for the next few years. The intent is for the Land Bank to become largely <br />self-sustaining after the first five years, supported by property sales, <br />private fundraising, grant funding, and growth from the Lilly <br />Endowment. Long-term, the Land Bank is expected to generate a return <br />on investment by returning properties to tax-paying status and reducing <br />ongoing City costs. <br /> <br />Matt Barrett spoke in support of the Land Bank but stressed that <br />stronger code enforcement is essential to its success, noting that many <br />vacant properties are unregistered and few enforcement fines are <br />collected. <br /> <br />President Warner thanked Council members and staff for their work on <br />the Land Bank initiative, noting their involvement in the 2022–2023 task <br />force and study. They stated the Land Bank will improve the efficiency of <br />transferring vacant properties, particularly benefiting small local <br />developers and residents seeking to build in their neighborhoods. After a <br />lengthy approval process at the city and county levels, they expressed <br />excitement that the project is now moving forward with funding and <br />appointments in place. <br /> <br />Vice President Relos asked does the Land Bank change the tax sale <br />process, including required advertising and redemption periods? Mr. <br />Molnar responded, No. All state-mandated requirements, including <br />advertising and the property owner’s redemption period, remain in <br />place. The Land Bank does not remove any owner’s rights; it simply <br />allows the Land Bank to acquire tax certificates more efficiently after <br />the initial tax sale. Commissioner Relos also asked does MACOG have <br />experience managing property acquisition and disposition? Mr. Molnar <br />replied, Yes. MACOG staff have property management experience and <br />have worked closely with City staff, incorporating lessons learned over <br />many years. MACOG also brings experience from work in other <br />counties. Also, the County has committed to covering legal costs related <br />to transferring tax certificates and clearing title, including advertising, <br />redemption processing, and title work, ensuring properties are conveyed <br />to the Land Bank with clear title. <br />