LOUISVILLE, Ky. (WDRB) -- Louisville Mayor Greg Fischer is asking the public for ideas about how the city's vacant lots can be redeveloped -- and he's willing to put some money on the table to get those ideas, according to a news release.

On Tuesday, Fischer announced his "The Lots of Possibility" competition, which offers a $38,000 prize for individuals or groups to take one or more eligible vacant lots owned by the Louisville/Jefferson County Landbank Authority and the Urban Renewal Commission and put them to productive use.

The city has identified more than 6,000 vacant properties and has been razing some and foreclosing on others, the release states. The competition is part of a broader strategy to eliminate vacant properties, particularly in western Louisville.

Prize money will be awarded in two areas:

1) Proposals involving construction for residential or commercial use. Proposals submitted in this category should include a long-term / permanent use of a vacant lot managed by Metro Government. Up to two winners will receive ownership of the vacant lot and $15,000 to implement their proposal.

2) Proposals involving temporary or interim use of vacant lots. This category is designed for proposals that identify innovative ways to repurpose vacant lots. Uses are not expected to be permanent at the outset, but rather to preserve the land for future potential development. Up to two winners will receive a one-year land lease (renewable for an additional year, for a total of a two-year land lease). Winners will also receive $4,000 to help implement their idea.

"The rules for this competition are simple," Fischer was quoted as saying in the release. "Be creative and be bold."

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