Troy Community Land Bank’s Board of Directors holds annual meeting

TROY >> The Troy Community Land Bank board elected their executive commitee, finalized their property acquisition policy, and decided to move forward with an insurance policy through a Syracuse-based firm – all setting the stage for the coming months and years of acquiring buildings which will eventually be put back on the tax rolls to improve blighted areas of the Collar City.

The committee discussed policy options from Brown & Brown Empire State, which has also worked with land banks in Albany and Syracuse.

Insurance for land bank organizations can be difficult due to the amount of vacant properties dealt with, officials said at the meeting which took place Wednesday at the Fallon Apartments Rainbow Center in North Central along the Hudson River.

The insurance policies, once finalized, would include general liability, directors and officers insurance, and crime. Board members also discussed how flood insurance could be included since Troy is along the Hudson River and near some tributaries.

The annual premium is expected to be around $30,000, said Monica Kurzejeski, the economic development coordinator for the city.

James Grooms with Brown & Brown said that the premium would increase as more properties are added. He said he has managed similar and larger land bank organizations with premiums ranging from $35,000 to $75,000 annually.

Moving forward with the insurance policy contract was unanimously approved by the board. Nine of the members were present while two were absent.

So far, the land bank has acquired seven properties: 812 River St., which is vacant; 822 River St., a three-family; 791 River St., an attached row building; 785 River St., a three family; 102 W. Glen Ave., an attached row building, 790 River St., a two family; and 806-808 River St., which is vacant land.

The group voted to move ahead with the acquisition of 49 Adams St. from Wells Fargo bank. The bank would donate the property, said Kurzejeski, noting this would be the Land Bank’s first acquisition in the South Troy area. She said there are nearby properties which also fit the land bank’s mission. Other board members said the area has a growing community and a visible space for doing work with the land bank.

The board discussed how the organization will need to file for tax exemptions on the properties before the next tax cycle.

The executive committee members are: Heather King as Chair, Dylan Turek as Vice Chair, Frank Sarratori as Treasurer, and Diane Cubit as Secretary. They also voted to move ahead with hiring Catherine Hedgeman as the group’s attorney. Board members cited her experience with non-profit law.

Danielle Sanzone may be reached at 290-8362.