Sec. 1. The following definitions apply throughout this chapter: (1) “Distressed real property” includes real property in a neglected or unmarketable condition. (2) “Eligible unit” means: (A) a county; (B) a consolidated city; (C) a second class city; or (D) a third class city; to which IC 36-7-9 applies. (3) “Land bank” means an entity […]
Sec. 10. (a) A land bank shall do the following: (1) Maintain an inventory of real property held by the land bank. (2) Develop policies, guidelines, and procedures for the acquisition, redevelopment, and disposition of property by and from the land bank. The policies, guidelines, and procedures developed under this subdivision must be formulated in […]
Sec. 11. A land bank may: (1) enter into an interlocal agreement under IC 36-1-7 with another governmental entity; or (2) otherwise contract with another governmental entity in Indiana to perform services for the governmental entity. As added by P.L.211-2016, SEC.1.
Sec. 12. (a) This subsection does not apply to a consolidated city. The legislative body of an eligible unit that has established a land bank under section 2 of this chapter may not rescind the ordinance that the legislative body adopted under IC 36-7-9-3, unless the land bank is first dissolved. (b) A land bank […]
Sec. 13. Within six (6) months after an eligible unit has established a land bank under this chapter, the eligible unit shall furnish the land bank with a list of real property: (1) that is located in the territory of the land bank; (2) for which the eligible unit holds: (A) a tax sale certificate […]
Sec. 14. (a) The land bank may, as a condition of the purchase, transfer, or lease, require a person to enter into an agreement that conditions the purchase, transfer, or lease on the person fulfilling one (1) or more of the following terms: (1) If the property is a dwelling, reside in the real property […]
Sec. 15. IC 36-1-11 does not apply to a sale, transfer, or lease of property by the land bank. As added by P.L.211-2016, SEC.1.
Sec. 16. (a) This section applies to the following: (1) A person who owes: (A) delinquent taxes; (B) special assessments; (C) penalties; (D) interest; (E) costs directly attributable to a prior tax sale, if the tax sale occurs before July 1, 2016; or (F) costs attributable to a prior tax sale or tax delinquency, if […]
Sec. 17. (a) As used in this section, “foreign business association” means a corporation, professional corporation, nonprofit corporation, limited liability company, partnership, or limited partnership that is organized under the laws of another state or another country. (b) A foreign business association may not purchase, receive, or lease property from a land bank unless at […]
Sec. 18. (a) Employees of a land bank are not employees of the eligible unit that established the land bank. (b) The board of a land bank may elect by resolution to provide programs of group health insurance for the land bank’s employees and retired employees as provided under IC 5-10-8-2.6. (c) The board of […]
Sec. 19. A land bank’s income is not subject to taxation under IC 6-3-1 through IC 6-3-7. As added by P.L.211-2016, SEC.1.
Sec. 2. (a) The legislative body of an eligible unit may adopt an ordinance: (1) establishing a body corporate and politic; or (2) directing the executive of the eligible unit to organize a nonprofit corporation under IC 23-17; as an independent instrumentality exercising essential governmental functions. (b) The legislative bodies of two (2) or more […]
Sec. 20. Notwithstanding IC 6-1.1-10-4, after a land bank acquires title to a parcel of real property, the property tax exemption provided under IC 6-1.1-10-4 terminates for the parcel of real property on the final day of the first uninterrupted forty-eight (48) month period for which the land bank has leased, or offered to lease, […]
Sec. 21. A land bank is subject to IC 5-14-1.5 (open door law) and IC 5-14-3 (public records law). As added by P.L.211-2016, SEC.1.
Sec. 22. The state board of accounts shall audit the funds and accounts of a land bank as provided under IC 5-11-1-25. As added by P.L.211-2016, SEC.1.
Sec. 23. A land bank may not be held liable for damages or subjected to equitable remedies for: (1) breach of a common law duty; (2) a violation of Indiana law; or (3) a violation of any order, permit, license, variance, or plan approval; concerning environmental damage to, or attributable to, a tract or item […]
Sec. 3. The bylaws of the land bank must require the board of the land bank to: (1) approve any purchase, transfer, or lease of real property held by the land bank in an open meeting of the board; and (2) consider any pertinent information before approving the purchase, transfer, or lease including: (A) the […]
Sec. 4. (a) A land bank is governed by a board of at least seven (7) and at most nine (9) directors. (b) A director of a land bank appointed under this section must have demonstrated competency in an occupation or discipline that is relevant to the primary purpose of a land bank. (c) Except […]
Sec. 4.5. (a) This section applies to the board of a land bank established under section 2(b) of this chapter. (b) The interlocal agreement providing for the establishment of the land bank must specify: (1) subject to section 4(a) of this chapter, the number of directors of the board of the land bank; (2) any […]
Sec. 5. (a) This section applies to the board of a county land bank established by a county that does not have a consolidated city. (b) The board of a land bank to which this section applies is comprised of the following: (1) A director appointed by the county treasurer. A director appointed under this […]
