History of the Land Bank
The City of Red Deer's Land Bank was unofficially in operation since the early 1920s, when a major economic downturn resulted in a significant number of properties being transferred to The City as a result of non-payment of property taxes. Although this created a significant hardship, The City now owned almost every undeveloped parcel of land. When the economy recovered two decades later, The City has a massive amount of land on hand for sale to new businesses and people wishing to make Red Deer home. As lots were sold, the City reinvested a good portion of the excess revenue into new City-owned subdivisions, which began the City's Land Bank as we know it today.
Your success is our purpose
To enhance long-term growth and prosperity for Red Deer, The Land and Economic Development Department develops available land for a wide range of residential, industrial and mixed-use projects. We are responsible for creating these unique opportunities for the private sector through land development, management and marketing. Land and Economic Development maintains the city Land Bank to provide options for every level of developer.
Prosperity is our objective
As we are rooted in the future of our city, we must assist in the economic, orderly and well-planned development of city-owned land. To do this, Land and Economic Development is committed to:
- Operating as a self-supporting business unit and manage city-owned property in a manner that will attract and encourage private sector development.
- Selling or leasing city-owned industrial, commercial or residential land at market value. This is designed to service our citizens, investors, builders and businesses and provide opportunities for all developers and builders.
- Partnering with appropriate city departments and the private sector industry to maximize efficiency and success.
- Developing marketing strategies to attract prospective developers and strengthen our Land Bank with steady sales.
Red Deer Land is a Department of the City of Red Deer that reports to City Council. Red Deer Land adheres to the Municipal Government Act, and policies of Red Deer City Council.