MOUNT VERNON — The Knox County Land Bank took its first action on a property Friday, voting to take ownership of the old American National Can industrial site.
The board voted to hold the ANC property in the land bank, with the stipulation that clean-up and other costs be carried by the Area Development Foundation.
ADF president Jeffry Harris said the ADF will also market the property to potential buyers.
Due to its tax-exempt status, Harris said the land bank can hold the property cheaper than the ADF. The annual cost to the ADF to hold the property will be about $40,000, Harris said, $7,000 of which is taxes. The costs include security, taxes, and on-going maintenance, Harris said.
The ADF’s covering expenses to carry the ANC site are currently out of the financial means of the land bank. Knox County Treasurer and land bank member Shelley Coon said the land bank has about $1,300 in its budget.
It was not discussed at the meeting if the sale of the property will go through the land bank. If it does, the land bank may keep all proceeds from the sale.