Land banks

Matt Martin/WSKG

The freshly minted Broome County Land Bank is set to complete its first deal. The land bank has accepted a proposal to turn a vacant hotel in Downtown Binghamton into apartment buildings.

The aged hotel on the banks of the Chenango River was acquired by the land bank through tax foreclosure in 2011. The six-story building has been empty ever since, but that all might be changing soon.

Vestal-based Newman Development Group LLC wants to buy the property and develop it into a mixed-use residential and commercial space.

Ryan Delaney / WRVO

With a wish of “good luck” to the new owners, the board of the Greater Syracuse Land Bank sold its first house Tuesday. The buyers of the vacant home on South Collingwood Ave. are Shaqir and Zahidi Halimi.

The Eastwood neighborhood home was delinquent on property taxes and seized by the land bank, one of the 88 it's taken control of so far. There are more than 3,000 vacant and delinquent properties in the city.

The Syracuse land bank became a land lord this week as part of its work to put more city land on the lax rolls.

The land bank, known formally as the Greater Syracuse Property Development Corporation, closed on the sale of 17 properties that are vacant or owners were significantly behind on their property taxes.

Credit Some rights reserved / Kake Pugh

New legislation recently signed into law, amends the state’s land bank legislation introduced by the Cuomo administration in 2011.

Land Banks are mechanisms for acquiring or demolishing abandoned properties which are no longer contributing to the tax roll.

Some rights reserved by Kake Pugh

The City of Rochester has been given state approval to establish one of the state’s ten Land Banks.

The city’s Land Bank will support the acquisition of vacant, tax-delinquent properties which will then be  renovated and sold through the HOME Rochester program. The aim is to also get more properties back on the tax roll.

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