Section 140.981

Title X TAXATION AND REVENUE

Chapter 140

Effective - 28 Aug 2019   

  140.981.  Land bank agency authorized, purpose — beneficiaries — public body corporate and politic. — 1.  Any home rule city with more than seventy-one thousand but fewer than seventy-nine thousand 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 land bank agency shall be established to foster the public purpose of returning land, including land that is in a nonrevenue-generating, nontax-producing status, to use in private ownership.  A city may establish a land bank agency by ordinance, resolution, or rule, as applicable.

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

  3.  The beneficiaries of the land bank agency shall be the taxing authorities that held or owned tax bills against the respective parcels of real estate acquired by such land bank agency pursuant to a sale conducted under section 140.190, 140.240, or 140.250, and their respective interests in each parcel of real estate shall be to the extent and in proportion to the priorities determined by the court on the basis that the principal amount of their respective tax bills bore to the total principal amount of all of the tax bills described in the judgment.

  4.  A land bank agency created under the 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)