Purchasing Properties

Tour the Property
The URA requires that you make an appointment to tour the property you're interested in before you submit an application. All properties are sold on an "as is" basis. You may schedule an appointment to tour up to two (2) properties per day.

Applying for a Property
Once you have seen the property, you can submit an application. Along with the application, you must submit a developer's fee (the amount is listed on the first page of the application) and copies of financial statements. If your offer is not accepted, your developer’s fee will be refunded.

(Note: It takes up to 6 weeks for you to receive the refund.)

Your financial statements must show that you have enough money to cover the amount that you are offering on the property, the estimated repairs that you list in the application on page 2 (Redevelopment Proposal), as well as the back water and solid waste charges. An application received without both the developer’s fee and the financial statements will be viewed as incomplete and will not be accepted.

URA Procedures
Acceptance of your application by URA staff does not automatically guarantee your offer will be placed on the next URA Meeting Agenda.

• The property must have been marketed for 30 days prior to the meeting
  
  
• You must list all property you currently own in the City of Utica on the application. This data will be submitted to the Codes and Comptroller’s Office for searches of codes violations and delinquent taxes
  
  
• Urban Renewal Agency staff performs a search of all properties owned and then provides the information regarding any violations/delinquencies to the URA Board via the agenda. The Board then decides if they accept or reject the application based on this and other information. They may require that all be cleared prior to closing
  
  
• It is up to you, the applicant, to inform the URA when violations/delinquencies have been corrected and proof such as receipts/printouts, etc. must be provided to the URA.
  
  

Commercial Property Application
When submitting an offer on a commercial property you also need to include a business plan, along with the requirements of a standard application.

Business Plan Guidelines: Offers for commercial properties are required to have a business plan submitted along with the standard application and financial information.

The following are required elements for a business plan:

1. Developer’s name, address, contact information
2. Key personnel to be involved in the proposed project
3. Previous project experience and qualifications
4. Executive summary overview of the proposal
5. Proposed purchase price
6. Intended use for the property
7. Financial qualifications for the proposed project
8. Detailed action plan
   • Project Cost Estimate
   • Construction/Development Timeline (Including Proposed Phases for Implementation If Applicable)
   • Site Plans and Renderings
9. Short & Long-Term Benefit/Impact Statement To Community (i.e. Estimated Job Creation, Tax Revenue Generation)

Potential Auction
The URA has the option to reject any or all offers on a property. When a property has received more than 1(one) offer, and it is first discussed at an URA Meeting, it MAY go to auction at the next public meeting of the URA Board. All qualified applicants will be advised of this at the meeting. The URA will continue to market the property until the next meeting and other offers may be accepted. At the auction you will only be able to bid up to the amount of money that your financial statements reflects. (Ex. Offer $10,000.00, estimated repairs $10,000.00, a total of $20,000.00 needs to be shown.)

It is better to have a financial "cushion" when submitting an application. If you show that you have $30,000.00 you will be allowed to up your offer only by $10,000.00, the difference between offer + repairs - total you have shown.) All properties sold are conveyed via a Quit Claim Deed. It is the responsibility of the potential buyer to check the public records for any assignments, delinquent water, solid waste charges, judgments, mortgages and liens. The phone numbers of relevant entities are on page 5 of the application.

The deadline to submit an application to purchase a property is 12:00pm (noon) on the Friday before the meeting. Meetings are held on the second and fourth Thursday of each month, at 9:30am in the Common Council Chambers on the 1st floor of Utica City Hall. Only those properties for which we have completed applications will be reviewed at this meeting.

Buyers are required to attend the meeting at which your offer will be reviewed. All meetings are open to the public. Note: All meeting dates are subject to change, without notice. It is your responsibility to contact the URA the day before the scheduled meeting date to confirm if the meeting will be held or has been rescheduled.