§ 4705. Creation and existence.
§ 4705. Creation and existence. (a) A foreclosing governmental unit may create a land bank by the adoption of a local law, ordinance, or resolution, as appropriate to such foreclosing governmental unit. The foreclosing governmental unit, prior to the adoption of a local law, ordinance, or resolution creating a land bank, must make a finding […]
§ 4706. Board of directors.
§ 4706. Board of directors. (a) The initial size of the board of directors shall be determined in accordance with § 4705(a)(2) of this title. Unless restricted by the agreement specified in § 4705(b) of this title, and subject to the limits set forth in this section, the size of the board of directors may […]
§ 4707. Staff.
§ 4707. Staff. A land bank may employ a secretary, an executive director, its own counsel and legal staff, technical experts, and such other agents and employees, permanent or temporary, as it may require, and may determine the qualifications and fix the compensation and benefits of such persons. A land bank may also enter into […]
§ 4708. Powers.
§ 4708. Powers. A land bank shall possess all powers necessary or appropriate to carry out and effectuate the purposes and provisions of this chapter, including the following powers in addition to those herein otherwise granted: (1) To adopt, amend, and repeal bylaws for the regulation of its affairs and the conduct of its business. […]
§ 4709. Acquisition of property.
§ 4709. Acquisition of property. (a) The land bank may acquire real property or interests in real property by gift, devise, transfer, exchange, foreclosure, purchase, or otherwise on terms and conditions and in a manner the land bank considers proper. (b) The land bank shall not own or hold real property located outside the jurisdictional […]
§ 4710. Disposition of property.
§ 4710. Disposition of property. (a) The land bank shall determine and set forth in policies and procedures adopted by the board of directors the general terms and conditions for consideration to be received by the land bank for the transfer of real property and interests in real property, which consideration may take the form […]
§ 4701. Short title.
§ 4701. Short title. This chapter shall be known and may be cited as the “Delaware Neighborhood Conservation and Land Banking Act.” 80 Del. Laws, c. 155, § 1;
§ 4702. Legislative findings and purpose.
§ 4702. Legislative findings and purpose. The General Assembly finds and declares as follows: (1) Delaware’s communities are important to the social and economic vitality of Delaware. Whether urban, suburban, or rural, many Delaware communities are struggling to cope with unoccupied properties or properties incapable of lawful occupation. These vacant and abandoned properties represent lost […]
§ 4703. Definitions.
§ 4703. Definitions. The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise: (1) “Board of directors” or “board” means the board of directors of the land bank. (2) “Foreclosing governmental unit” means any political subdivision of the State […]