OSWEGO – Recently, the board of directors for Empire State Development approved Oswego County Land Bank Corporation’s application of incorporation.
As stated in the New York State Legislature Land Bank Act of 2011, 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.
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.
The land bank will seek funding, initially, from a state pool designated for newly-formed land bank corporations.
Additional funding could come from such sources as grants, settlement funds from the state Attorney General’s office, the sale of rehabilitated properties and internal fund raising.
The Oswego Common Council approved an investment of $50,000, in November, specifically for the revitalization of properties in the city of Oswego.
Local officials, representing both the county and the city of Oswego, wholly supported this initiative through the unanimous passage of resolutions late last year.
The County of Oswego IDA and Operation Oswego County also support this initiative.
The COIDA has approved up to $100,000 for support of the new Oswego County Land Bank Corporation.