Land Bank Approves Property Sales By: Dennis Phillips, Post-Journal

From the Jamestown Post Journal

On Wednesday, the land bank board approved the sale of three properties with plans for renovations and a return of the homes to liveable residences. Two of the properties approved for sale are located in Jamestown - 123 Weeks St. and 215 Prospect St.

Gina Paradis, land bank administrative director, said the house at 123 Weeks St. was acquired through the county tax auction last year. She said the interested party is in the construction business and plans to do the renovation work. The house has been appraised for $19,000, with land bank officials asking for $11,400. The interested party made an offer for $9,000, with a budget for improvements being $6,000. Necesary work includes a new hot water tank, foundation repairs, new siding, four new windows, exterior and interior painting and new gutters. Paradis added that the house's roof is in good shape, with most of the necessary renovation work being ''cosmetic.''

The other property approved for sale in Jamestown is located at 215 Prospect St. Paradis said a realtor who has done similar renovation work submitted the proposal. She said work needing to be done on the house includes new paint, windows, doors, a hot water tank, carpeting, wall repairs and a new fuse box. She said the realtor plans on the renovation work being completed in 14 weeks. She added that the home has two apartment units. Paradis said land bank officials were asking for $9,600, with the buyer's offer being $8,000. She said it is the only proposal land bank officials received for the property.

A third house approved for sale is located at 77 Union St. in Westfield. Paradis said the land bank has lost money since acquiring this property.

''This has been a monkey on our backs since the auction,'' she said.

The house consists of three apartments, with two garages on the property. Paradis said in the proposal that the investor plans to demolish one garage while the other garage would be renovated. This garage has two apartments. She said the garage with the two apartments would be renovated first because less work is needed, and it would generate income for the investor to renovate the house. The renovation project is scheduled to last 24 months. It was estimated that the renovation work could cost more than $125,000.

The appraised value of the house is negative $1,000. The purchase offer was for $310. Mark Geise, county Planning and Economic Development Department deputy director, said land bank officials have spent $10,000 just securing the property since acquisition.

He said even though the land bank has lost money, it is their job to acquire properties like 77 Union St. and have them renovated so that they are no longer hazards and can go back on the tax roll.

''We win some, we lose some,'' he said.

In other business, the land bank board approved acquiring real-estate owned property at 43 E. Main St., Fredonia.

Geise said the property has been on the market for three to four years, but now has become dilapidated with the facade decaying. He said it is located across from the White Inn.

''It really is aesthetically unpleasing for downtown Fredonia,'' he said.

Geise said once torn down, the lot could be sold or turned into green space. He said that the land bank has received $500,000 from the state Office of the Attorney General to demolish properties like 43 E. Main St., Fredonia.

Peter Lombardi, land bank board chairman, said one of the main goals for the land bank is to reduce blight on a village's main street, which this acquisition would accomplish.