Section 140.1000 – Limitation on agency employees — violation, penalty — conflicts of interest rules.
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 […]
Section 140.1003 – Agency to have complete control of property.
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 […]
Section 140.1006 – Tax lien on agency property, taxing authority contribution authorized.
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 […]
Section 140.1009 – Quiet title action permitted, procedure.
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 […]
Section 140.1012 – Dissolution of agency, procedure.
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 […]
Section 140.1015 – Eminent domain, agency not authorized to exercise — no power to tax.
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)
Section 140.984 – Agency income to be tax exempt — acquisition of property, requirements.
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 […]
Section 140.985 – Real property to be held in agency name — public inspection of inventory — transfer of property, requirements — proceeds of sales, use of.
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 […]
Section 140.986 – Productive use of property, time period to show — extension, when — public sale, when.
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 […]
Section 140.987 – Sale of property, buyer must own for three years — violation, civil liability.
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 […]