ESI Senior Vice President and Principal, Lee Huang, spoke this Monday, October 19th, at the Wilmington City Council on their proposed land bank. This session focused on the creation of Wilmington Neighborhood Conservancy Land Bank, a non-profit entity that is dedicated to transforming abandoned and vacant properties into productive use through both public and private development.

Lee Huang of ESI, and City Planning Director Leonard Sophrin made a presentation and were questioned by Council Members and the public.

This land bank could generate more than $2 million annually for the City through reduced expenditures for the upkeep of vacant properties, reduced tax delinquencies, and new revenues from blight remediation and additional property and wage taxes from investments. An Ordinance to create the land bank could be voted on by Council as early as next month.