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City of Rochester

News Release - Rochester Land Bank to Participate in the City’s Upcoming Tax Foreclosure Auction

City of Rochester

News Release

(Wednesday, March 12, 2014) — Mayor Lovely A. Warren today announced that the Rochester Land Bank Corporation intends utilize a portion of the funding received from the New York State Office of the Attorney General’s Community Revitalization Initiative to purchase properties at the City’s April 11, 2014 tax foreclosure auction. Rochester Land Bank Corporation was incorporated in August 2013 to facilitate the acquisition and return of vacant, abandoned and tax delinquent properties to productive use.

The potential Land Bank properties will be listed as “potential land bank parcels” in the auction’s advertisements. Those parcels are subject to purchase by the Land Bank at the minimum bid price regardless of whether there is a higher bid. The Land Bank plans to acquire about 50 parcels from the auction.

The Land Bank will create a list from the tax delinquent properties expected to be in the April 11 tax foreclosure auction and present it to the City Treasurer, expressing the intent to purchase “any or all” of those properties using a “trump bid.” Those properties will be listed separately in the public notices for the auction and will be listed separately from the alphabetical grid of available properties at the auction.

At the beginning of the auction, properties from the limited “trump bid” list still tax delinquent will be publicly sold to a representative of the Land Bank. The Land Bank has a fixed number of properties it plans to acquire and a maximum amount of funding to use. If either of those figures is exhausted before all the properties on the “trump bid” list are acquired, the remainder of the properties on the trump bid list will be offered to the public.

A public informational meeting explaining the Land Bank trump bid process will be held on April 2, 2014 at 3:30 p.m. at the Rochester Central Library’s Kate Gleason Auditorium, 115 South Ave.  For more information and to view a list of properties to be auctioned, visit www.cityofrochester.gov/taxforeclosureauction2014.

More information about the Rochester Land Bank Corporation can be obtained on the Land Bank’s website at www.cityofrochester.gov/landbank.

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News Media: For more information, contact City Communications Director Christine Christopher at 428-7135.
 


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