Section 140.981

Title X TAXATION AND REVENUE

Chapter 140

Effective - 28 Aug 2024, 2 histories   

  140.981.  Land bank agency authorized, purpose — public body corporate and politic. — 1.  Any county with more than one million inhabitants may establish a land bank agency for the management, sale, transfer, and other disposition of interests in real estate owned by such land bank agency.  Any such county may establish a land bank agency by ordinance, resolution, or rule, as applicable.  Such ordinance, resolution, or rule shall specify the name of the land bank agency.  No county in which a land bank agency has been established under the provisions of sections 141.980 to 141.1015 shall elect to establish a land bank agency under this section.

  2.  Any municipality with more than one thousand five hundred inhabitants not located within a county with more than one million inhabitants may establish a land bank agency for the management, sale, transfer, and other disposition of interests in real estate owned by such land bank agency.  A municipality may establish a land bank agency by ordinance, resolution, or rule, as applicable.

  3.  A land bank agency shall not own any interest in real estate located wholly or partially outside the city that established the land bank.

  4.  A land bank agency shall be established for the purpose of returning land, including land that is in a non-revenue-generating, non-tax-producing status, to use in private ownership, or for public use.

  5.  A land bank agency created under the chapter 140 land bank act shall be a public body corporate and politic and shall have permanent and perpetual duration until terminated and dissolved in accordance with the provisions of section 140.1012.

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(L. 2019 H.B. 821, A.L. 2024 H.B. 2062)