OWEGO, N.Y. — The Tioga County Property Development Corporation, which goes by Land Bank, is seeking requests for proposals from qualified developers for theredevelopment of a severely distressed property at 247 Main St. in Owego.
The Land Bank obtained the property from Tioga County after it was foreclosed on for property tax delinquency. The task is no small undertaking. On its website, the Tioga County Land Bank notes the 4,164-square-foot, single-family residence is badly deteriorated and could contain lead, mold, and asbestos. The Land Bank has not done any testing and will allow for time for due–diligence testing from interested developers.
Rehabilitation of the structure is the Lank Bank’s preferred resolution for the home, which sits on one-fifth of an acre. Due to the condition of the property, the Land Bank will consider selling it for a reduced price to a buyer that will make significant investment in rehabilitating the site. The Land Bank is also willing to invest funds to assist the developer in stabilizing the property.
(Sponsored)
Avoid the Employment Law Mistakes that Threaten Your New Business
Amid the excitement and uncertainty that accompany the opening of a new business, entrepreneurs often overlook basic employment law requirements that can cost them dearly. These include how they classify
How Are You Creating Certainty in an Uncertain World?
In a world of constant change, having a local partner in your corner can make all the difference. When Central NY businesses are asked “Who’s in your corner?” one name
Interested developers must document their skills and experience with redevelopment projects, at least $50,000 of liquid equity available, and a team member available to oversee the day-to-day management of the project. They must also submit plans for the property’s ultimate reuse, along with a redevelopment plan and budget.
More information about the property, as well as how to submit a proposal, can be found on the Land Bank’s website under the property address in the projects tab.
The Tioga County Land Bank works to return abandoned properties throughout Tioga County to productive use.
