FORT WAYNE, Ind. (WOWO): A study released Monday by the Allen County Redevelopment Commission found that land-banking efforts since 2011 have retained nearly 1,500 jobs and payrolls totaling $64 million.

The land banking program began in 2009 with $2.5 million in funds deposited into the redevelopment commission’s capital fund. This was done to purchase land and pay for the costs to make properties shovel-ready.

In 2010, $4.75 million in funding was approved by the Board of Commissioners and the Allen County Council. The Commission also gave $385,357 and another $300,000 from a local income tax fund was given in the three years after the start of the program, making $5,435,357 available for the capital fund.

Since 2011, the Commission has purchased eight properties, total 512 acres. The purchases totaled $4,812,625, with proceeds standing at $5,947,655. That brings a total profit of $1.135 million.

The Commission still owned about 110 acres of land at the start of this year.

In 2019, the properties developed from land banking employed 1,470 people, with annual property taxes at $1 million and annual income taxes at $503,971.

You can read a summary and the full report here.