Troy land bank to bid on three city-owned properties

Troy land bank to bid on three city-owned properties

The Troy Community Land Bank will seek to acquire three properties on the city-owned foreclosure list, according to a resolution adopted by its board this week.

All three parcels—6 Grace Ct., 11 Winnie Ave., and 3278 Sixth Ave.—are located in or near the largely state-funded nonprofit’s “target area,” which roughly corresponds with the North Central neighborhood.

TCLB acquires vacant, abandoned, and underutilized properties for redevelopment. Last year, it acquired three properties, sold five, demolished three, and made improvements to several others, according to a presentation from March.

Through Aug. 2, the city is accepting proposals for a total of 99 foreclosed propertiesincluding the three mentioned above.

According to the city code, the property review committee, made up of city officials, evaluates proposals by considering (i) whether the bidder would live in or near the property, (ii) whether the bidder would be able to complete proposed improvements, (iii) the property’s best use, (iv) the proposal’s potential benefit to the neighborhood, and (v) the potential tax revenue the proposal would generate.

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