BUFFALO ERIE NIAGARA LAND IMPROVEMENT CORPORATION
403 MAIN STREET NO 602, BUFFALO, NY 14203 www.benlic.org

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Organizations Filed Purposes: THE BUFFALO ERIE NIAGARA LAND IMPROVEMENT CORPORATION (BENLIC) SEEKS TO CONFRONT AND ALLEVIATE THE PROBLEMS DISTRESSED PROPERTIES CAUSE TO COMMUNITIES BY SUPPORTING MUNICIPAL AND REGIONAL REVITALIZATION EFFORTS AND STRATEGICALLY ACQUIRING, IMPROVING, ASSEMBLING AND SELLING VACANT, DISTRESSED, ABANDONED AND TAX-DELIQUENT PROPERTIES.

TO ACQUIRE, IMPROVE, AND SELL VACANT, ABANDONED AND/OR TAX DELIQUENT PROPERTIES

BENLIC IMPLEMENTED A NOVEL PROPERTY SALES PROGRAM IN 2017, THE "DEVELOPMENT ENFORCEMENT NOTE AND MORTGAGE" INITIATIVE WAS A BEST PRACTICE DEVELOPED ORIGINALLY BY THE GREATER SYRACUSE NY LAND BANK. THE GOAL OF THE PROGRAM SALES IS TO SELL DISTRESSED PROPERTIES TO RESPONSIBLE BUYERS AT MINIMAL COSTS TO THE LAND BANK, BUT TO ENSURE SUCH BUYERS MAKE SUBSTANTIAL IMPROVEMENTS TO THE PROPERTIES. THE IMPROVEMENTS NEEDED ARE DICTATED BY A SCOPE OF WORK DEVELOPED BY BENLIC AND THE PERFORMANCE OF THE BUYER TO MAKE SUCH IMPROVEMENTS IS SECURED BY A LIEN RECORDED BY BENLIC IN THE AMOUNT OF THE WORK NEEDED FOR THE PROPERTY. IN 2018, BENLIC ENDEAVORED TO SELL SIXTEEN (16) SUCH NOTE AND MORTGAGE PROPERTIES. SEVEN (7) NOTE AND MORTGAGE PROPERTIES WERE SOLD IN 2017 AND BUYERS OF SUCH PROPERTIES HAVE BEEN MONITORED CLOSELY AS TO THEIR IMPROVEMENT WORK MANY HAVE GONE ABOVE AND BEYOND THE MINIMAL SCOPE AND NONE HAVE FALLEN OUT OF COMPLIANCE TO-DATE. BENLIC IS ENCOURAGED BY THE CONTINUED SUCCESS OF THE PROGRAM'S START AND FLEXIBILITY IN DEALING WITH RETURNING DISTRESSED PROPERTIES TO PRODUCTIVE USE IN FUTURE YEARS.

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