The Troy Community Land Bank, a city-affiliated nonprofit, revealed at its board meeting last month that the city of Troy is interested in purchasing 409 Second St., a vacant lot at the corner of Jackson and Second streets in the Osgood neighborhood, for $1.
The land bank’s executive director, Tony Tozzi, told The Alt on Wednesday that he believes the city is working on an application, which the land bank requires of would-be buyers.
The land bank bought the 0.16-acre property from Troy Area United Ministries, Inc. for $15,000, according to a deed recorded with the county clerk’s office in November 2016.
A volunteer-involved placemaking project, “Lots of Hope,” has held meetings regarding the property’s future and made various improvements at and near it.
As an alternative to the city simply purchasing the parcel from the land bank, the two entities could potentially arrange a land swap deal, the land bank’s director of operations, Chris Brown, said at the board meeting last month.
Brown specifically mentioned 11 Cragin Ave, a defunct playground, as a city-owned parcel of interest to the land bank. The 0.43-acre parcel is located in the North Central neighborhood, an area of focus for the land bank, which owns several properties nearby. But because 11 Cragin is significantly larger than the “Lots of Hope” lot, the land bank would need to throw another parcel or two into the deal to ensure a one-to-one trade.
The exact nature of the city’s potential plans for 409 Second are not immediately clear. The mayor’s office did not return a request for comment on Wednesday.