Tagged: Land banks

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.

The Syracuse Common Council voted Monday to give the city's newly formed land bank a loan for startup costs and to share property tax revenue so the land bank can function over the long term, but some felt the details of those plans left a lot to be desired.

What was approved is a $250,000 loan to the Greater Syracuse Property Development Corporation to help with startup costs along with a promise the city will share the expected increase in back property tax payments it will collect.