Nixon signing Kansas City 'land bank' bill
Nixon signing legislation allowing Kansas City to create 'land bank' for vacant properties
KANSAS CITY, Mo. (AP) -- Gov. Jay Nixon has signed legislation intended to help spruce up vacant property in Kansas City.
Nixon traveled to Kansas City on Monday for a signing ceremony on legislation authorizing the city to create a so-called "land bank."
The new governmental entity would have authority to acquire abandoned and blighted properties so they can be improved and resold. The land bank could borrow money but could not use eminent domain.
Last year, the Federal Reserve Bank of Kansas City said there were about 12,000 vacant residential properties in Kansas City. The land bank also will automatically acquire properties that have been on the auction block three times but have not sold.