HUTCHINSON, Kan. — The Hutchinson Land Bank will consider a new pricing policy for its properties as part of its agenda on Tuesday.
The Hutchinson Land Bank established a pricing policy in 2015 that set the minimum offer price at 50% of the Reno County’s Appraiser’s Office value of the property. While staff notes that the policy has worked, and most properties end up being sold at the 50% rate, the Land Bank asked staff to look at revising the pricing policy to help cover the holding costs of Land Bank property. Furthermore, with the Land Bank preparing to list their properties on the MLS (Multiple Listing Service), a set price is needed as a starting point for offers on each property.
With that in mind, staff is recommending that the starting asking price rate for all Land Bank property will be 50% of the market value of the property, as determined by the Reno County Appraiser. The Board may accept offers that are lower than the asking price rate by an amount of up to 10%. Should the Board be unable to sell a property at the starting asking price or the 10% discount rate, the Board may accept a lower price provided the property has been in the Land Bank inventory a minimum of one year and the property has been actively marketed.
The Hutchinson Land Bank meeting is scheduled for Tuesday, February 1, 2022 at 3:00 p.m. in the Executive Conference Room at 125 E. Avenue B in Hutchinson.