GLRPPR Sector Resource: Redfields to Greenfields
Redfields to Greenfields
A glut of commercial property threatens our communities, businesses, hundreds of small and mid-sized banks, and the FDIC.
Parks improve the economy, environment, and health of a city. We can seize this historic opportunity to create more livable, healthier communities and avert the imminent failure of many banks and businesses.
Low-cost loans would be made via a land bank and parkland acquisition fund provided by the nation's banking system and led by the Federal Reserve, Treasury, and FDIC. Funding could also come from creative financing options such as tax credits, leveraged with local equity capital.
Public-private partnerships would buy distressed properties and remove buildings, using loans from the Land Bank Fund. Part of the land would be turned into a park; the rest would be redeveloped later to retire the loans. Each phase would create jobs and support property values.
Redfields to Greenfields Project
Date of Publication:
One East Hazelwood Drive; Champaign, IL; 61820; (800) 407-0261; firstname.lastname@example.org