A land bank could provide Ogdensburg with an effective means to finance acquisition of unused land at the St. Lawrence Psychiatric Center.
So says Assemblywoman Addie Russell (D-Theresa), whose district includes Ogdensburg.
Russell pointed out that a bill recently passed in the Assembly provides for more land banks in the state, which might be just the mechanism to use to move land at the center that has been declared surplus into private development.
“Land banks are not-for-profit corporations created to return vacant and abandoned property to productive use, in a manner consistent with the public interest,” said a press release from Russell’s office. “Sometimes the process entails short-term redevelopment; other times it means long-term assemblage and holding of real estate (land banking).”
Any proceeds to the city from transactions “could be reinvested in the community to redevelop other blighted properties that burden the city,” Russell said.