(A) It has been determined that blighted, vacant, abandoned, and distressed properties are costly and present a danger to the health and safety of residents, and further, they contribute to the decline of neighborhoods and adversely affect the prosperity of the city.
(B) The purpose of this chapter is to establish the Waterbury Land Bank Authority, Inc., hereinafter the “Land Bank Authority” or “Land Bank”, that will use available resources to facilitate the efficient disposition of real property (as defined in the Land Bank Act) within the city, to return blighted, vacant, abandoned, or distressed property to productive use.
(C) The Land Bank will acquire, maintain and dispose of real property, as approved by The Waterbury Land Bank Authority, Inc.’s Board of Directors. The Land Bank will operate to facilitate the rehabilitation, revitalization, and redevelopment of properties to remedy and reverse urban decay within the city.
(Ord. passed 1-10-2022)