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3 Co-sponsors
History
- Referred to rules
Companion bills
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Provides for the creation and administration of land banks, for the conversion of vacant, abandoned or tax-delinquent properties into productive use
Signed by Governor · Sponsor Sam Hoyt
Provides for the creation and administration of land banks, for the conversion of vacant, abandoned or tax-delinquent properties into productive use
Senate Floor Calendar · Sponsor David J. Valesky
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5759
Title of bill
An act to amend the not-for-profit corporation law and the public authorities law, in relation to providing for the creation and administration of land banks, for the conversion of vacant, abandoned or tax-delinquent properties into productive use
Purpose or general idea of bill
To provide for the creation of land banks by municipalities in New York State.
Read the full memo (758 words)
Summary of specific provisions
* The creation of a land bank is entirely optional, never obligatory.
* A land bank may be created by any "foreclosing governmental unit" which is defined as "tax districts" as defined by New York Real Property Tax Law.
* A land bank will include an inventory of vacant, abandoned and tax foreclosed property that it acquires.
* A land bank will include a redevelopment plan to be approved by the foreclosing governmental unit.
* A land bank can enter into agreements to purchase other real property consistent with an approved redevelopment plan.
* A land bank will maintain and make available for public review and inspection a complete inventory of all property received.
* Land banks are structured as Type C not-for-profit corporations because of the inability for local governments to create municipal authorities without state legislative action.
* To create a land bank a FGU simply needs to pass an appropriate ordinance or resolution.
* Two or more FGUs may jointly agree to create a land bank.
* The size of the Board of Directors has minimum (5) and maximum (11) members.
* The method of selecting Board members is left entirely to the FGU, or to the agreement between the FGUs when a land bank is jointly created.
* A land bank can enter into contracts with municipalities for the full range of services, including staffing.
* A land bank has broad operational powers, but not the power of eminent domain.
* A land bank must maintain its real property in accordance with municipal laws.
* A land bank is limited to ownership of real property within the jurisdictional boundaries of the FGU that created it.
* A land bank will be approved by the Urban Development Corporation and can be audited by the Authority Budget Office and or the Office of the State Comptroller.
* This draft does not specify particular end users, or end uses, of property conveyed by a land bank, but it does recognize that the FGUs creating land banks may specify priority uses for property disposition.
* Upon creation of land banks, FGUs may create special voting or approval rights with respect to pmticular uses or property, or particular kinds of property
Justification
A crisis exists in many Upstate New York cities and their metro areas caused by disinvestment in real property and resulting in a significant amount of vacant and abandoned property. For example, Buffalo at its height had 580,000 residents, but now has a population of only 250,000. The city of Buffalo has an estimated 20,000 vacant parcels, 5,000 vacant structures and an estimated 22,290 vacant residential units. Problems associated with abandoned property include crime, fire, disease, and diminished value of surrounding properties. Abandoned property creates a haven for illicit and dangerous activity. Local governments lose revenue because of the costs of demolition, safety hazards, and spreading deterioration of neighborhoods including resulting mortgage foreclosures.
This bill seeks to solve the problems of vacant and abandoned property in a coordinated manner and to foster the development of such property and promote economic growth. Land banks with this legislation would be type-C not for profit corporations under this chapter and in accordance with the provisions of this article and pursuant to this article that may be created by any "foreclosing governmental unit" that would be authorized by a municipality through appropriate local approval to efficiently acquire, hold, manage and develop tax-foreclosed properties with the long-term interest of the community in mind. The creation of land banks as Type C not for profit corporations at the request of municipalities can be an effective and cost efficient approach to managing and revitalizing vacant and abandoned properties.
Land banks allow local governments to overcome legal restraints on the conversion of public land and public liens on private land into performing assets. Land banks can remove redevelopment barriers that hinder the creation of functioning private markets for conversion of abandoned land into better uses.
Prior legislative history
06/17/08 A.8059C Passed Assembly 06/18/08 Passed Senate 09/25/08 Vetoed memo 14509/26/08 Tabled
06/22/10- Passed Senate 06/03/10-referred to ways and means-Assembly
Fiscal implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.