MOUNT VERNON — County dollars will keep the Knox County Land Bank afloat in its first year, including funding the hiring of a land bank vice president.
At the Friday meeting of the Knox County Land Bank, Area Development Foundation President Jeffry Harris presented the board with a proposed 2018 budget of $76,600 for 2018. Of the proposed budget, roughly $66,600 is expected to be loaned from the county that the land bank will pay back once it is on its feet, Knox County Commissioner Roger Reed said. Ten thousand of the budget is an estimated second-half payment of delinquent tax assessment account (DTAC) dollars, which are to be a primary funding source for the land bank.
Reed said the county will not charge interest on the money it lends the land bank.