Land Bank Considered For Psych Center Property

Tools

The redevelopment of 160 acres of surplus land on the St. Lawrence Psychiatric Center grounds could be enhanced by the creation of a land bank.

State Assemblywoman Addie Russell says the creation of a not-for-profit corporation to handle the acquisition of the state-owned land may be a way for additional funding mechanisms, including loans, grants, bonds and inter-municipal transfers.

State lawmakers have passed legislation allowing for the transfer of 45 acres of the surplus land to the city.

Russell and state Senator Patty Ritchie have been working to get the surplus land turned over to the city of Ogdensburg for a nominal fee rather than fair market value.

"I think using some other tools that are in place, such as the state's land bank program, that we might be able to find additional funding for this and really make this a reality," said Addie Russell (D. - 116th District).

The state is doing an appraisal on the surplus property before coming up with an asking price for the city.

Monday, November 24, 2014
, Watertown, NY

On Demand

This content requires the latest Adobe Flash Player and a browser with JavaScript enabled. Click here for a free download of the latest Adobe Flash Player.

On Wall Street

What's On TonightFull Schedule