Section 140.983 – Powers of 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) […]
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 […]
Section 140.988 – Funding sources for agency — property taxes, distribution by county collector to agency after sale of property.
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 […]
Section 140.980 – Citation of law — definitions.
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 […]