MOUNT VERNON—With revenue coming in from grants and other sources, the Knox County Land Reutilization Corp. (aka Knox County Land Bank) board agreed it is time to consider potential investment options.
As a quasi-governmental organization, the land bank is subject to investment rules relating to public funds.
Todd Hawkins and Adam Hoar of Park National Bank told the board the primary investment vehicles for public money are Treasuries, Certificates of Deposit, and some government agencies.
The board members agreed that, given the land bank’s fluctuating projects and cash flow, little long-term investment is needed.
However, a money market account or short-term CDs would provide liquidity while earning some interest for land bank dollars.
The board approved opening a money market account and agreed to create, review, and adopt an investment policy to file with the county auditor.
“An investment policy is good because it allows staff to make investments as long as it’s in line with the policy,” Land Bank Vice President Sam Filkins said. “Otherwise, we’d have to come to the board every time.”
Commissioner and Land Bank Chair Teresa Bemiller agreed with an investment strategy but wanted to ensure the board checks with other land banks.
“This is considered a quasi-governmental entity, so I want to make sure it’s correct,” she said.
Land bank operations
Filkins said the land bank is still waiting for the state to reimburse it for brownfield and demolition work.
It also awaits word on a $2 million Vibrant Communities Grant for revitalizing the former Mount Vernon News building at 18 E. Vine St.
The land bank did receive a $2.46 million Welcome Home Ohio grant.
The land bank will use the money to buy 12 homes from Habitat for Humanity and private builders. It will then sell the homes as owner-occupied, affordable workforce housing.
Builders must complete construction by June 2026. Homebuyers must make 80% or less of the area’s median income. That is around $61,000 annually for individuals and $64,000 for a family of four.
“The rules and timeline for receiving the money aren’t known yet,” Filkins said. “But we feel comfortable with moving forward on the project.”
The 12 homes are on Columbus Road in Clinton Township. Filkins is finalizing sewer and water agreements with township officials.
“I am very excited to partner with them on 12 new customers,” he told the board.
Filkins said the land bank is investigating lots in Fredericktown, Danville, and Centerburg for Round 2 of the Welcome Home Ohio grants.
“We’re trying to spread it throughout the county,” he said.
Heartland Commerce Park
Phase 1 of the water line project (the powerhouse to West High Street) is complete. Phase 2 (powerhouse north to Burgess Street) will begin soon.
Crews started work on the Sandusky Street parking lots. Work includes milling and laying new asphalt. They will be similar to the parking lots on Gay Street, with black fencing, brick pillars, and lighting.
Work is also underway on an employee plaza at the northwest corner of Sandusky and Chestnut.
Additionally, the Mount Vernon Municipal Planning Commission approved the HCP master sign plan at its June 13 meeting.
“So, there have been minimal surprises, and we should be done by November,” Land Bank President Jeff Gottke said.
Sales and acquisitions
The land bank sold 807 N. Mulberry St. to BHB Interior Solutions for $19,738.50 (after closing costs). BHB plans to build a duplex.
Knox County Habitat for Humanity originally planned to build a home on the lot but traded it for another land bank property on Sandusky Street. Mulberry Street is zoned R2, and with so few properties zoned for multi-units, Habitat wanted to maximize the property’s use.
The land bank purchased 200 Pittsburgh Ave. for $99,615.71 (after closing costs).
Other land bank news
•18 E. Vine St.: The land bank will know the final price next week when CK Construction finalizes the subcontractors. Construction is scheduled to begin in September.
•Land bank summit: The Ohio Land Bank Association will hold a rural land bank conference in Mount Vernon in October. Filkins expects 100-150 participants. The conference includes a business tour of the projects the Knox County Land Bank is doing. “I think it’s a great way to showcase what we’re doing and bring people to Mount Vernon,” Filkins said.
•House Bill 499: The bill creates grants for housing developments within a 20-mile radius of a mega project. Intel in Licking County is considered a mega project.
•Senate Bill 246: Amends the Welcome Home Ohio program
