Effective – 28 Aug 2019 140.1000. Limitation on agency employees — violation, penalty — conflicts of interest rules. — 1. No employee of a land bank agency shall receive any compensation, emolument, or other profit directly or indirectly from the rental, management, acquisition, sale, demolition, repair, rehabilitation, use, operation, ownership, or disposition of any lands […]
Effective – 28 Aug 2019 140.1003. Agency to have complete control of property. — Except as otherwise expressly set forth in sections 140.980 to 140.1015, in the exercise of its powers and duties under the land bank act and its powers relating to property held by the land bank agency, the land bank agency shall […]
Effective – 28 Aug 2019 140.1006. Tax lien on agency property, taxing authority contribution authorized. — 1. If any ancillary parcel is acquired by a land bank agency and is encumbered by a lien or claim for real property taxes owed to a taxing authority, such taxing authority may elect to contribute to the land […]
Effective – 28 Aug 2019 140.1009. Quiet title action permitted, procedure. — 1. A land bank agency shall be authorized to file an action to quiet title under section 527.150 as to any real property in which the land bank agency has an interest. For purposes of any and all such actions, the land bank […]
Effective – 28 Aug 2019 140.1012. Dissolution of agency, procedure. — 1. A land bank agency may be dissolved as a public body corporate and politic no sooner than sixty calendar days after an ordinance or resolution for such dissolution is passed by the city that established the land bank agency. 2. No less than […]
Effective – 28 Aug 2019 140.1015. Eminent domain, agency not authorized to exercise — no power to tax. — A land bank agency shall neither possess nor exercise the power of eminent domain. A land bank agency shall not have the power to tax. ——– (L. 2019 H.B. 821)
Effective – 28 Aug 2019 140.980. Citation of law — definitions. — 1. Sections 140.980 to 140.1015 shall be known and may be cited as the “Land Bank Act”. 2. As used in sections 140.980 to 140.1015, the following terms mean: (1) “Ancillary parcel”, a parcel of real estate acquired by a land bank agency […]
Effective – 28 Aug 2019 140.981. Land bank agency authorized, purpose — beneficiaries — public body corporate and politic. — 1. Any home rule city with more than seventy-one thousand but fewer than seventy-nine thousand inhabitants may establish a land bank agency for the management, sale, transfer, and other disposition of interests in real estate […]
Effective – 28 Aug 2019 140.982. Organization, duties, and powers. — The governing body of the city establishing a land bank agency, or the chief administrative officer of the city establishing a land bank agency, shall have the power to organize and reorganize the executive, administrative, clerical, and other departments of the land bank agency […]
Effective – 28 Aug 2019 140.983. Powers of land bank agency. — A land bank agency established under the land bank act shall have all powers necessary or appropriate to carry out and effectuate the purposes and provisions of the land bank act, including the following powers in addition to those herein otherwise granted: (1) […]
Effective – 28 Aug 2019 140.984. Agency income to be tax exempt — acquisition of property, requirements. — 1. The income of a land bank agency shall be exempt from all taxation by the state and by any of its political subdivisions. Upon acquiring title to any real estate, a land bank agency shall immediately […]
Effective – 28 Aug 2019 140.985. Real property to be held in agency name — public inspection of inventory — transfer of property, requirements — proceeds of sales, use of. — 1. A land bank agency shall hold in its own name all real property acquired by such land bank agency irrespective of the identity […]
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 […]
Effective – 28 Aug 2019 140.987. Sale of property, buyer must own for three years — violation, civil liability. — A land bank agency shall ensure that any contract for the sale of residential property owned by the land bank agency shall have a clause that the buyer shall own the property for three years […]
Effective – 28 Aug 2019 140.988. Funding sources for agency — property taxes, distribution by county collector to agency after sale of property. — 1. A land bank agency may receive funding through grants, gifts, and loans from political subdivisions, the state, the federal government, and other public and private sources. 2. Except as otherwise […]
Effective – 28 Aug 2019 140.991. Annual audit, when — performance audit, when. — 1. There shall be an annual audit of the affairs, accounts, expenses, and financial transactions of a land bank agency by a certified public accountant before April thirtieth of each year, which accountant shall be employed by the land bank agency […]
Effective – 28 Aug 2019 140.997. Meeting requirements. — Except as otherwise provided under state law, the land bank agency meetings shall cause minutes and a record to be kept of all its proceedings. The land bank agency shall be subject to the provisions of chapter 109, chapter 610, and any other applicable provisions of […]
