The Select Board shall establish a Land Bank Study Committee to study the value to the Town of establishing a multipurpose Brookline Land Bank as contemplated under Article 24 of the 2018 Annual Town Meeting.
The Land Bank Study Committee shall complete the following tasks in connection with this Charge:
Advantages of using a transfer tax as a mechanism to provide alternative revenue to Brookline.
Identify the potential range of use for such a transfer tax.
Identify if a Land Bank is the best mechanism for administrating the allocation of such funds.
Examine the economic impact of a potential transfer tax.
Consider whether adoption of the Community Preservation Act can be an alternate or additional means of achieving the goals of the Land Bank contemplated under Article 24.
The Land Bank Study Committee shall submit a detailed written report of its findings and recommendations no later than March 1, 2019, accompanied by a possible warrant article if the Committee determines that an article should be filed.