OSWEGO, NY – At its meeting Thursday, the Oswego County Legislature approved the formation of and incorporation of the Oswego County Land Bank Corporation.
The purpose of the land bank is to help communities combat deterioration by facilitating the return of vacant, abandoned and tax delinquent properties to productive use in order to eliminate the harms and liabilities caused by such properties and lessen the burden of government and act in the public interest, according to the draft certificate of incorporation.
There shall be 11 initial directors of the corporation. They will serve a two-year term from the date of incorporation.
Among them are a representative of the Oswego Renaissance Association, the county’s director of the department of Community Development, Tourism and Planning, the Majority Leader and Minority Leader of the legislature, and other representatives from the county and cities.
The land bank can select county delinquent tax properties for its use, prior to the annual tax auction to be redeveloped consistent with the goals of the land bank.
The resolution is expressly subject to the approval of the Empire State Development Corporation. The certificate of incorporation won’t be filed with the Secretary of State until it has been approved by the ESDC.
All incomes and earnings of the corporation shall be used exculusively for its corporate purpose with the intent being that all income and earnings will be expended or deposited in appropriate reserves for corporate purposes.
The property of the corporation is irrevocably dedicated to charitable purposes.
At its meeting earlier this week, the Oswego Common Council expressed the support of the city to the county of Oswego regarding the creation of the Oswego County Land Bank Corporation.
The land bank can be a tool that can begin to address the blight, neglect and disinvestment in real property, which has negatively impacted the quality of life in the Port City’s neighborhoods, according to the council.