36-7-38-1. Definitions
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 […]
36-7-38-2. Establishment of a Land Bank
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 […]
36-7-38-3. Bylaws
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 […]
36-7-38-4. Boards Generally
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 […]
36-7-38-4.5. Boards of Land Banks Made Up of Two or More Eligible Units
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 […]