In an effort to more effectively and efficiently deal with vacant and abandoned properties, the city, the county and the counties of Livingston and Orleans are considering the formation of land banks.
Land banks have been around for just this purpose since 1971 but didn't start to get traction for county and municipal governments until the early 2000s when Genesee County, Mich., started a successful land bank.
Land banks, which are nonprofit corporations formed by local governments, are able to acquire tax-foreclosed property on a streamlined basis and then more quickly get that property back into residential or commercial use.
Typically, land banks are self-funding, generating revenue from real estate sales that is reinvested in the process of moving more property from unproductive use to productive use.
They're particularly popular in rust-belt communities where populations have declined and industry has left hulks of buildings vacant.
The proposed agreement between the three counties and the city has a provision for the land bank to hire an executive director and potential staff members.
The board of directors would be appointed by the government bodies and those members would serve without compensation.
The corporation would be known as the GLO Regional Land Bank.
County Manager Jay Gsell introduced the potential agreement to members of the County Legislature on Wednesday evening. The Legislature has not yet been asked to take action on the proposal.
Currently, when a property owner allows a parcel to pass into tax foreclosure, the property is sold at auction. Each local government would have the option to let a property go up for auction or transfer that parcel to the land bank.
