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Tioga County Land Bank seeks developers for distressed property

By Traci DeLore (tdelore@cnybj.com)

Date:

Tioga County’s Land Bank is seeking developers for a distressed property at 247 Main St. in Owego. (Photo credit: Tioga County Property Development Corporation website)

OWEGO, N.Y. — The Tioga County Property Development Corporation, which goes by Land Bank, is seeking requests for proposals from qualified developers for the redevelopment 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.

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.