THE CHALLENGES ARE GREAT.
THE OPPORTUNITIES ARE GREATER.
Gary has a long history of industrial and cultural leadership. However, like many Midwestern industrial cities, it has been significantly impacted during the decades-long decline of America’s manufacturing base, limited outside investment and increasing blight.
The numbers tell the story:
One in 5 buildings in Gary is vacant
Nearly 2 in 5 buildings are blighted
42% of land in Gary is vacant with no structure
40% of land in Gary does not pay taxes
20% of properties in Gary are serially delinquent on taxes
12,000 properties are on tax deed sale
MaiaCo will invest in Gary with the up-front funding and professional assistance needed to create larger parcels of land, encourage redevelopment and bring meaningful investment to Gary.
The City maintains ownership of all the property.
And the property acquired through this partnership does not enjoy any special status: land purchased by Gary with financial assistance from MaiaCo is still subject to the same planning and zoning rules at the city government-level as any other project.
The Power of the Partnership
The partnership gives Gary the resources to acquire blighted, abandoned and tax delinquent properties. At its current funding level, the Gary Redevelopment Commission (GRC) has the budget to purchase 90 to 100 properties on tax deed sale per year. Working together, the GRC and MaiaCo can purchase 3,500 properties in the first year of the partnership alone.