§ 15.2-7508. Disposition of property
A. The land bank entity shall hold in its own name all real property acquired by the land bank entity regardless of the identity of the transferor of such property. B. The land bank entity shall maintain and make available for public review and inspection an inventory of all real property held by the land […]
§ 15.2-7509. Financing of operations
A. A land bank entity may receive funding through grants and loans from the locality or localities that created or are currently participating in the land bank entity, the Commonwealth, the federal government, and other public and private sources. B. A land bank entity may receive and retain payments for (i) services rendered, (ii) rents […]
§ 15.2-7510. Exemption from taxes or assessments
The land bank entity is hereby declared to be performing a public function on behalf of the locality with respect to which the land bank entity is created and to be a public instrumentality of such locality. Accordingly, the land bank entity shall not be required to pay any taxes upon any property acquired or […]
§ 15.2-7511. Dissolution of land bank entity
A. A land bank entity may be dissolved 60 calendar days after an affirmative resolution is approved by two-thirds of the membership of the board. Sixty calendar days’ advance written notice of consideration of a resolution of dissolution shall be (i) given to all governing bodies that created or are currently participating in the land […]
§ 15.2-7512. Designation of planning district commission or existing nonprofit entities to carry out the functions of a land bank entity
A. Subject to a public hearing held pursuant to § 15.2-7502, a locality may by ordinance designate a planning district commission or an existing nonprofit entity and its governing board to carry out the functions of a land bank entity. The ordinance shall include a finding by the locality that the governance structure, articles of […]
§ 15.2-7503. Board of directors; qualifications; terms; vacancies; compensation and expenses
A. Each land bank entity created pursuant to the Act shall be governed by a board of not less than five members appointed by the governing body of the participating locality. When a land bank entity is created by two or more localities, the governing body of each locality shall appoint at least two members, […]
§ 15.2-7504. Executive director; staff
The board may appoint an executive director, who shall be authorized to employ such staff as necessary to enable the land bank entity to perform its duties as set forth in the Act. The board is authorized to determine the duties of such staff and to fix salaries and compensation from such funds as may […]
§ 15.2-7505. Financial interests of board members and employees prohibited
A. No member of the board or employee of the land bank entity shall acquire any interest, direct or indirect, in real property of the land bank entity, in any real property to be acquired by the land bank entity, or in any real property to be acquired from the land bank entity. B. With […]
§ 15.2-7506. Powers of land bank entity
A. The land bank entity shall have the power to: 1. Adopt, amend, and repeal bylaws for the regulation of its affairs and the conduct of its business; 2. Sue and be sued in its own name and plead and be interpleaded in all civil actions, including actions to clear title to property of the […]
§ 15.2-7507. Acquisition of property
A. The land bank entity may acquire real property or interests in real property by gift, devise, transfer, exchange, purchase, or otherwise on terms and conditions and in a manner the land bank entity considers proper. B. In addition to the powers granted in subsection A, the land bank entity may acquire real property by […]