Section 140.986

Title X TAXATION AND REVENUE

Chapter 140

Effective - 28 Aug 2019 

  140.986.  Productive use of property, time period to show — extension, when — public sale, when. — 1.  No later than two years from the date it acquired the property, a land bank agency shall either sell, put to a productive use, or show significant progress towards selling or putting to a productive use a parcel of real property.  A productive use may be renting the property; demolishing all structures of the property; restoring property of historic value; or using the property for a community garden, park, or other open public space.

  2.  The governing body of the city may grant the land bank agency a one-year extension if the body determines by a majority vote that unforeseen circumstances have delayed the sale or productive use of a parcel of property.

  3.  If a land bank agency owns a parcel of real property that does not have a productive use after two years, or does not receive an extension under subsection 2 of this section, the property shall be offered for public sale using the procedures under sections 140.170 to 140.190.

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(L. 2019 H.B. 821)