Tri Cog Land Bank

Tri Cog Land Bank: Unlocking the Potential of a Strategic Location

For decades, the Tri-Cog region in Rhode Island has been plagued by urban decay and disinvestment. Once a thriving hub of commerce and industry, the area has struggled to revitalize its economy and reclaim its former glory. However, a new initiative is underway to transform this neglected landscape into a vibrant and thriving community. The Tri Cog Land Bank is a unique public entity dedicated to acquiring, holding, and developing vacant and abandoned properties throughout the region. By doing so, the Land Bank aims to revitalize neighborhoods, stimulate economic growth, and improve quality of life for residents.

Introduction

In 2010, the Rhode Island General Assembly established the Tri Cog Land Bank as a public authority to address the region’s pressing urban development needs. With a mission to transform vacant and abandoned properties into thriving community spaces, the Land Bank has been working tirelessly to bring new life to a neglected area.

Key Points

1. Restoring Neighborhoods The Tri Cog Land Bank’s primary goal is to restore neighborhoods by acquiring and redeveloping vacant properties. By doing so, the Land Bank aims to revitalize local businesses, increase property values, and create a more vibrant community atmosphere. 2. Job Creation and Economic Growth In addition to restoring neighborhoods, the Tri Cog Land Bank also seeks to stimulate economic growth through job creation and private investment. By identifying opportunities for redevelopment and promoting them to developers and investors, the Land Bank is helping to bring new businesses and jobs to the region. 3. Community Engagement and Partnerships

The Tri Cog Land Bank is committed to engaging with local communities and stakeholders throughout the development process. Through partnerships with non-profit organizations, community groups, and local government agencies, the Land Bank aims to ensure that all perspectives are heard and valued in the planning and implementation of redevelopment projects. 4. Land Banking Strategy

The Tri Cog Land Bank employs a comprehensive land banking strategy that involves acquiring, holding, and selling properties strategically. By identifying areas with high development potential and allocating resources accordingly, the Land Bank is able to maximize its impact and achieve its goals more efficiently. 5. Economic Impact Analysis

In conducting economic impact analyses of redevelopment projects, the Tri Cog Land Bank seeks to quantify the benefits of its work. By analyzing the projected job creation, tax revenue, and investment growth that result from each project, the Land Bank is able to demonstrate the value of its initiatives to stakeholders and secure additional funding. 6. Collaboration with Other Agencies

To ensure that redevelopment projects meet local needs and are successful in the long term, the Tri Cog Land Bank collaborates closely with other agencies. By working together with local government agencies, non-profit organizations, and community groups, the Land Bank is able to leverage resources, expertise, and funding to achieve its goals. 7. Phased Development Approach

To ensure that redevelopment projects are carried out in a thoughtful and sustainable manner, the Tri Cog Land Bank employs a phased development approach. By prioritizing projects based on their potential for impact and leveraging phased funding, the Land Bank is able to manage risk and maximize returns on investment. 8. Community Benefits Agreements

To ensure that redevelopment projects benefit local communities, the Tri Cog Land Bank negotiates Community Benefits Agreements (CBAs) with developers and other stakeholders. By prioritizing affordable housing, community facilities, and job training programs, the Land Bank is able to create more sustainable and equitable development outcomes.