Schenectady County, N.Y. — Governor Cuomo and Empire State Development today announced that an application for the creation of a Land Bank in the Capital Region submitted by the City and County of Schenectady and the City of Amsterdam has been approved. This approval will create one of the first five land banks authorized by New York to begin operation. Last year, the New York State Legislature authorized the creation of land banks in New York.
“Thank you Governor Cuomo and Empire State Development for providing us with this valuable tool to produce real change in our neighborhoods,” said Legislator Jeff McDonald. “In my mind neighborhood redevelopment is the most important issue that our community is facing and this is a big victory for the taxpayers and residents of the City of Schenectady and County.”
“The City welcomes this important designation by Governor Cuomo and the Empire State Development Corporation,” said Mayor Gary McCarthy. “This new Land Bank allows us to expand our Home Ownership initiative, create quality housing in the City of Schenectady and begin to remove the blight which burdens our residents, our neighborhoods and the city’s finances.”
“Land Banks are proven tools for turning vacant and abandoned properties into assets,” said Legislator Gary Hughes. “This Land Bank will promote economic growth by fostering the development of vacant and abandoned real property throughout the County.”
“The creation of the Land Bank is critical for future neighborhood development,” said Legislator Robert Hoffman. “With this economic development tool, we will be able to turn vacant and abandoned property into an asset instead of a liability for our neighborhoods.”
Land banks are non-profit entities created by local governments to efficiently acquire, hold, manage and develop foreclosed property, as well as other vacant and abandoned properties.
The Land Bank will create a resource for the City and County of Schenectady and City of Amsterdam that will facilitate quick acquisition and turnover of real estate, allowing for better coordination, management and re-use of vacant and abandoned property.
The Land Bank will work within the framework of local planning efforts and will be subject to local municipal building codes and zoning laws. It is also anticipated that the Land Bank can be used for current and future rebuilding projects due to natural emergencies, such as in response to the flooding in the Towns and City from Hurricane Irene and Tropical Storm Lee. The County, City, Towns and Village will all be made whole on back taxes owed by property obtained by the Land Bank. The Land Bank will not have the power of eminent domain.
The Land Bank will be governed by a Board of Directors consisting of one appointed by the City of Schenectady Mayor and two each appointed by the Schenectady City Council, Schenectady County legislature, and the City of Amsterdam.