Write a commentIn an effort to revitalize run-down properties throughout the state, New York State created the 2011 Land Bank Act. Recently, the Oswego County Legislature unanimously approved the creation of the Oswego County Land Bank Corporation.
Eleven similar entities currently exist within the state. Simply put, land banks are non-profit corporations created by the government 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 catalyst in Oswego County’s decision to create the local land bank was New York State’s recent increase in the number of applications they will accept. Empire State Development oversees the application process and will accept applications until 20 land banks have been approved. With eleven already approved, now was a good time to apply.
According to the Oswego County Legislature’s Government, Courts and Consumer Affairs committee, the land bank would consist of an 11-member board made up of government, business and other county stakeholders, approved by the legislature. The board would develop the policies and procedures of the land bank, with the legislature’s approval. It would outline the process by which properties would be acquired, renovated and dispersed.
Rather than start from scratch, Oswego County has looked to their neighbors in Chautauqua County, due to demographic similarities. Chautauqua County has operated a land bank since 2012 and will act as a template for Oswego County.
In a show of support, the City of Oswego recently passed a resolution unanimously before the common council.
The County of Oswego IDA and Operation Oswego County have supported the initiative.
