A Junction City Land Bank plan to sell vacant lots without special assessments has drawn concern from existing homeowners in that area on the west side of the city.
They are concerned it could impact the value of their homes, and when they need to sell their house in the future they might be unable to compete with new houses that could potentially be built by developers on the vacant lots that do not have special assessments.
Scott Grubbs noted Tuesday night that the City has made an argument that homes are being sold without specials and that does not have a devastating effect on homes. “That’s true but those are older homes in older neighborhoods that you’re referring to. Your actions to build new homes located right next to homes that are 10 years old, that makes this argument seem pretty weak.”
Many are worried that if the Army issues orders requiring a family to move that they would not be able to sell their existing home, forcing the property into foreclosure. New homes built on lots without specials could sell cheaper than existing homes.
The City Commission has agreed to discuss the issue further at 6 p.m. Tuesday, September 4th in a Land Bank Board meeting at the City building at 701 North Jefferson.
Commissioner Tim Brown said he heard a lot of information that had never occurred to him. “I don’t think the financial devastation that could be done to some of these families if in fact any of these scenarios played out where they couldn’t sell this property. After hearing some of these folks tonight it made me think.” Brown said the issue needs to be revisited.
Mayor Pat Landes is willing to discuss the concern about the issue. He also addressed the another side of this issue. “The problem is we have way too much supply. There are over 900 lots. There’s another 150 to 200 to take into the Land Bank. At the rate we’re going it’s going to be 500 years before they’re gone. We’re trying to do something creative and change things. We’re not trying to put anybody on the street and devalue anything.”
One fact noted multiple times during discussion at the meeting Tuesday night is that there is not a high demand for new housing lots right now in the community.