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Land bank plans to purchase 50 city properties

Rochester Business Journal
March 13, 2014

The Rochester Land Bank Corp. plans to use state funding to purchase some 50 properties at the city’s tax foreclosure auction next month, officials announced.

The city created the non-profit corporation in 2013 to facilitate the return of vacant, abandoned and tax-delinquent properties to productive use. The land bank received a $2.78 million grant from the state Attorney General’s office, a portion of a $25 billion settlement with five major banks over mortgage servicing irregularities.

The properties will be listed as “potential land bank parcels” in advertisements for the April 11 auction, officials announced Wednesday. Those parcels are subject to purchase by the land bank at the minimum bid price regardless of whether there is a higher bid.

Land bank representatives will create a list from the tax delinquent properties expected to be auctioned and give it to the city treasurer, intending to buy any or all properties listed using a trump bid, officials said.

The land bank has a fixed number of properties it plans to acquire and a maximum amount of funding to use, officials said.

A public information meeting explaining the land bank bid process is April 2 at 3:30 p.m. at the Rochester Central Library’s Kate Gleason Auditorium.

A list of properties to be auctioned is available at cityofrochester.gov.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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