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OUTLOOK | APRIL 2020 59
meaning the house is refurbished and returned to
a better state.
In all of their contracts, a reversionary clause
states that the buyer must have a redevelopment
plan for the structure.
“They have 12 months to begin their plan...
they don’t have to start right away,” Fox said.
If the buyer doesn’t enact their plan, the Land
Bank Authority has the option to take the parcel
back. The government entity hasn’t had to
exercise this clause yet.
The Land Bank Authority is selling the parcels
at prices ranging from $900 to $2,000, said
Fox.
Although it took some time to truly take off, Fox
believes the Land Bank will continue to prosper
and benefit the county throughout 2020 and
years to come.
In 2020, Fox plans to focus on marketing
all properties in Floyd County’s inventory and
“get the properties back into the hands of the
citizens.” She also hopes the Land Bank will
continue to be a partner with the Rome-Floyd
Litter and Blight Task Force in blight elimination.
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