Write a commentOn October 1, the Oswego County Land Bank Corporation will officially acquire six deeds from the county tax rolls and one donated by Pathfinder Bank.
Pathfinder Bank will deed the property located at 25 Church Street in the City of Oswego to the Land Bank for a nominal monetary sum. The estimated value of this property/donation is $45,000.
In addition, the County will deed the following six tax-delinquent properties to the Land Bank for $1 each: 342 East Ninth Street and 58 East Eleventh Street in the City of Oswego; 7 Homestead Avenue in the Village of Phoenix; 13 Box Street in the Village of Pulaski; 269 Ellisburg Street in the Village of Sandy Creek; and 10 County Route 64 in the Village of Mexico.
The Land Bank was created for the purpose of converting vacant, abandoned and tax delinquent properties back into useful and prosperous properties. Through the Land Bank, properties would be renovated or demolished and the property would be sold to a responsible buyer.
The Oswego County Land Bank Corporation is a public entity and must comply with strict state regulations and will conduct its business with transparency.
The Oswego County Land Bank recently received $200,000 in grants for use during the start-up phase of operations.
The Land Bank will receive a total of $150,000 from the Local Initiatives Support Corporation, $75,000 each year for two years. An additional $50,000 from the County of Oswego Industrial Development Agency was received by the Land Bank.
The money will be used for initial operations including the development of a website and logo. The Land Bank board is already preparing methods by which they will hire contractors to work on properties, such as these, that are owned by the Land Bank.
