The past few weeks have been a whirlwind of celebration and reflection as the Cuyahoga Land Bank marked its 15th anniversary. From a symposium to a gala, our organization has been honoring its past, present and future.
A Look Back: 15 Years of Impact
To commemorate this milestone, the Land Bank released a comprehensive 15-Year Impact Report. This report delves into the organization’s significant contributions to Cuyahoga County, revealing staggering figures. The total estimated economic impact of the Cuyahoga Land Bank’s activities is $3.6 billion, underscoring its substantial contributions to urban revitalization and economic resilience across Cuyahoga County. The analysis focuses on six main components:
- Demolition – The study found that the demolition of nearly 10,000 properties increased surrounding property values, totaling $1.47 billion.
- Renovations – In 15 years, more than 2,600 homes have been renovated and returned to the housing market, creating a total impact of nearly $950 million in increased property values.
- New Construction – The construction of nearly 250 new homes contributed approximately $143 million in property value increases.
- Property Tax Revenue – One primary objective of the Cuyahoga Land Bank is to return vacant and abandoned properties to productive use, generating tax revenue for local governments. Between 2009 and 2023, the Land Bank restored more than $48 million in property tax revenue.
- Catalyzed Private Investment – By assembling land, clearing titles and preparing properties for development, the Land Bank has created opportunities for large-scale private investments that drive economic growth, sparking more than $395 million in private investment.
- Economic Impact of Land Bank Expenditures – From 2009 to 2024, Cuyahoga Land Bank spent about $330 million on demolitions, renovations, new constructions and other activities, generating a total economic output of $632.7 million in the local economy.
All this combined, the Land Bank generates about$11 in total economic impact for every dollar it spends, demonstrating its investments are highly effective in driving local economic growth and revitalization.
A Symposium and Celebration
The 15-Year Impact Symposium, held on October 31 at the Cleveland Foundation, brought together industry experts, community leaders and Land Bank staff to discuss the findings of the report. The panel discussion, moderated by Cleveland Foundation CEO & President Lillian Kuri and Land Bank CEO & President Ricardo León, featured insights from prominent figures like Greater Cleveland Habitat for Humanity President John Litten, First Suburbs Consortium Director Jennifer Kuzma, Maple Heights Mayor Annette Blackwell and City of Cleveland Director of Building & Housing Sally Martin O’Toole. See a highlight reel of the Symposium HERE.
On the evening of November 7, friends, family, dignitaries, partners and leaders from across the county and state joined the Celebration of Community at Majestic Hall in Downtown Cleveland. Not only was the event a grand celebration of 15 years of Land Bank impact across our county, but also a dedication to our late, great Founder, President and General Counsel Gus Frangos. (See photos from the celebration below.)
We extend our heartfelt gratitude to all who made the Celebration of Community a resounding success. Your unwavering support, generous sponsorships, and enthusiastic attendance contributed significantly to this memorable event. Joining together to celebrate 15 years of good work offered us a beautiful and strong moment to reflect on our past and look forward to our future.
As the Cuyahoga Land Bank enters its next chapter, it remains committed to its mission of revitalizing communities and improving lives.
