Title
Discuss Land Banking Strategies
Recommended Action
Committee Recommendation:
Not referred to committee.
City Manager Recommendation:
Discuss land banking strategies.
Report
Issue:
Whether to discuss land banking strategies.
Staff Contact:
Ashley Chambers, Housing Director, Community Development, 360.753.8033
Presenter(s):
Ashley Chambers, Housing Director, Community Development
Background and Analysis:
Land cost, availability, and timing can be significant barriers to affordable housing development. Strategic property acquisition and land banking provide communities with another tool to preserve sites, reduce development barriers, and create time to assemble financing and development partnerships.
Land Banking as a Housing Tool
Land banking is one tool within a broader affordable housing strategy. It may include acquiring and holding property, purchasing property for a specific project or partner, or strategically using existing publicly owned land. Although primarily considered here for affordable housing, these tools may also support mixed-use development, adaptive reuse, economic development, and other community priorities.
Olympia Considerations
Public acquisition is most appropriate when control of land meaningfully improves project feasibility, preserves a time-sensitive opportunity, or advances an identified public benefit. It may not be appropriate when there is no realistic development pathway, another entity can achieve the same outcome without City ownership, or costs and risks outweigh the anticipated benefit.
While the City of Olympia does not currently have a formal land banking program, it has used many elements of strategic property acquisition to advance affordable housing and community redevelopment. Previous efforts have included acquiring and transferring property, leveraging existing public land, providing acquisition assistance, partnering with nonprofit developers, using competitive development solicitations, and ...
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