A.
New York State has enacted the "Land Bank Act," which authorizes municipalities to establish individual or cooperative land banks; and it has been determined that vacant and abandoned properties are costly and present a danger to the health and safety of local residents and, further, they reduce surrounding property values, spread blight and create havens for crime, resulting in costs and loss of revenues to local government and discourage further investment.
B.
The purpose of this article is to establish a land bank in Albany County by creating a not-for-profit corporation whereby funds can be directed to positive purposes that have the effect of decreasing the numbers of tax-delinquent properties, revitalizing communities and increasing the tax rolls to the benefit of all its citizens and to provide pro-active tools to mitigate costs, spur investment and improve property values.
C.
It is the intent of the Legislature that the directors of the corporation established herein move forward in a community-centric, collaborative manner utilizing charrette-style information-gathering techniques as it acquires input from residents and subject matter experts.
D.
Plans for redevelopment generated by this approach need to include diverse, affordable housing options available to a broad mix of income levels, sufficient commercial opportunities, ample green space and recreational options, as well as public safety, transportation, parking and infrastructure considerations.