Monetization is the process of converting assets into economic value. Looking for more options to generate revenue, municipalities have begun using solar projects to help monetize formerly “passive” or unused public assets, such as vacant land, rooftops, parking lots and storm basins. There is a tremendous upside for such development, and in recent years potential liabilities have shifted from municipalities to the solar companies.

Today’s common model for a municipal solar development is similar to a public-private partnership. The municipality provides the land or space for the project, and the solar company
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Act 33 was enacted and signed into law on June 18, 2018 to provide counties with greater flexibility in combating blight. The new law, which takes effect 60 days after signing, allows a county to designate a redevelopment authority as the land bank for its jurisdiction.

Since 2012, counties have had the ability to establish land banks under the Pennsylvania Land Bank Act. Land banks are independent public entities created to expedite the process of acquiring and rehabilitating blighted, dilapidated and abandoned real estate. They often work together with redevelopment authorities to help eliminate blight in local communities. But while land banks have been crucial in this fight, many Pennsylvania counties have had active redevelopment authorities performing similar functions for over half a century.
Continue Reading Law Allows Counties to Designate Redevelopment Authorities as Land Banks