Senate
File
2013
-
Introduced
SENATE
FILE
2013
BY
LOFGREN
and
DAWSON
A
BILL
FOR
An
Act
relating
to
the
creation
of
land
banks.
1
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
2
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DIVISION
I
1
LAND
BANKS
2
Section
1.
NEW
SECTION
.
358A.1
Short
title.
3
This
chapter
shall
be
known
and
may
be
cited
as
the
“Iowa
4
Land
Bank
Act”
.
5
Sec.
2.
NEW
SECTION
.
358A.2
Legislative
intent.
6
The
legislature
finds
and
declares
all
of
the
following:
7
1.
Iowa’s
communities
are
important
to
the
social
and
8
economic
vitality
of
this
state.
Whether
urban,
suburban,
9
or
rural,
many
communities
are
struggling
with
dilapidated,
10
abandoned,
blighted,
and
tax-delinquent
properties.
11
2.
Citizens
of
Iowa
are
affected
adversely
by
dilapidated,
12
abandoned,
blighted,
and
tax-delinquent
properties,
13
including
properties
that
have
been
abandoned
due
to
mortgage
14
foreclosure.
15
3.
Dilapidated,
abandoned,
blighted,
and
tax-delinquent
16
properties
impose
significant
costs
on
neighborhoods
and
17
communities
by
lowering
property
values,
increasing
fire
18
and
police
protection
costs,
decreasing
tax
revenues,
and
19
undermining
community
cohesion.
20
4.
There
is
an
overwhelming
public
need
to
confront
the
21
problems
caused
by
dilapidated,
abandoned,
blighted,
and
22
tax-delinquent
properties;
to
return
properties
that
are
in
23
non-revenue-generating,
non-tax-producing
status
to
productive
24
status
in
order
to
revitalize
urban,
suburban,
and
rural
25
areas,
provide
affordable
housing,
and
attract
new
industry;
26
and
to
create
jobs
for
the
citizens
of
this
state
through
the
27
establishment
of
new
tools
that
enable
communities
to
turn
28
abandoned
spaces
into
vibrant
places.
29
5.
Land
banks
are
one
of
the
tools
that
communities
can
use
30
to
facilitate
the
return
of
dilapidated,
abandoned,
blighted,
31
and
tax-delinquent
properties
to
productive
use.
32
Sec.
3.
NEW
SECTION
.
358A.3
Definitions.
33
As
used
in
this
chapter,
unless
the
context
otherwise
34
requires:
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1.
“Board”
means
the
board
of
directors
of
a
land
bank.
1
2.
“Financial
institution”
means
a
bank,
savings
2
association,
operating
subsidiary
of
a
bank
or
savings
3
association,
credit
union,
association
licensed
to
originate
4
mortgage
loans,
or
an
assignee
of
a
mortgage
or
note
originated
5
by
such
an
institution.
6
3.
“Geographical
boundaries
of
the
land
bank”
means
the
7
jurisdiction
of
the
municipality
that
created
the
land
bank
or
8
in
the
case
of
any
combination
of
municipalities
creating
a
9
single
land
bank
or
joining
an
existing
land
bank,
the
combined
10
jurisdictions
of
the
municipalities.
11
4.
“Land
bank”
means
an
entity
created
under
section
358A.4.
12
5.
“Local
employee”
means
a
person
employed
by
a
13
municipality
of
this
state
and
does
not
include
an
independent
14
contractor.
15
6.
“Local
official”
means
an
officeholder
of
a
municipality
16
of
this
state.
17
7.
“Municipality”
means
a
city,
county,
or
township.
18
8.
“Trump
bid”
means
the
expression
of
intent
by
a
land
bank
19
to
purchase
a
property
for
sale
at
a
tax
sale
under
chapter
446
20
by
informing
the
treasurer
for
the
municipality
holding
the
21
sale.
22
Sec.
4.
NEW
SECTION
.
358A.4
Creation.
23
1.
A
land
bank
organized
under
this
chapter
shall
be
a
24
body
corporate
and
politic,
with
the
name
under
which
it
was
25
organized,
and
may
sue
and
be
sued
in
its
own
name,
contract
26
and
be
contracted
with,
acquire
and
hold
real
and
personal
27
property
necessary
for
corporate
purposes,
adopt
a
corporate
28
seal
and
alter
the
same
at
pleasure,
and
exercise
all
the
29
powers
conferred
in
this
chapter.
30
2.
a.
Any
municipality
may
create
a
land
bank.
Creation
31
shall
be
by
ordinance
in
the
case
of
a
city
or
by
resolution
in
32
the
case
of
a
county
or
township.
The
ordinance
or
resolution
33
shall
make
reference
to
the
purposes
listed
under
section
34
358A.2.
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b.
Any
city,
county,
or
township
may
create
a
land
bank
1
in
combination
with
other
cities,
counties,
or
townships.
2
Municipalities
seeking
to
create
such
a
land
bank
shall
comply
3
with
the
procedures
set
forth
in
chapter
28E.
A
land
bank
4
shall
be
considered
a
“public
agency”
for
the
purposes
of
5
chapters
28E
and
28H.
6
c.
(1)
Any
city
or
township
passing
an
ordinance
or
a
7
resolution
or
entering
into
a
chapter
28E
agreement
under
8
paragraph
“a”
or
“b”
of
this
subsection
shall
promptly
deliver
9
copies
of
the
ordinance,
resolution,
or
agreement
to
the
10
auditor,
treasurer,
and
the
county
attorney
of
each
county
in
11
which
the
municipality
is
situated.
12
(2)
Any
board
of
supervisors
adopting
a
resolution
or
13
entering
into
a
chapter
28E
agreement
creating
a
land
bank
14
pursuant
to
this
section
shall
deliver
a
copy
of
the
resolution
15
or
agreement
to
the
county
auditor,
county
treasurer,
and
16
county
attorney.
17
3.
a.
The
enabling
ordinance
or
resolution,
or
chapter
28E
18
agreement,
shall
set
forth
the
following:
19
(1)
The
initial
board
of
directors
and
the
initial
terms
of
20
those
directors.
21
(2)
General
term
lengths
and
limits
for
the
board
of
22
directors.
23
(3)
Procedures
that
the
board
of
directors
will
follow
in
24
exercising
discretionary
provisions
of
this
chapter.
25
b.
A
chapter
28E
agreement
shall
include
procedures
for
the
26
distribution
of
assets
between
participating
municipalities
27
upon
the
dissolution
of
the
land
bank.
28
c.
Unless
otherwise
limited
in
the
ordinance,
resolution,
29
or
chapter
28E
agreement,
the
powers
and
procedures
of
a
newly
30
created
land
bank
shall
be
the
powers
and
procedures
specified
31
in
this
chapter.
32
4.
A
council
of
governments
established
in
section
28H.1
33
shall
not
form
a
land
bank.
However,
pursuant
to
a
chapter
34
28E
agreement,
a
council
of
governments
may
provide
community
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development
services,
planning
services,
and
technical
1
assistance
to
a
land
bank.
2
Sec.
5.
NEW
SECTION
.
358A.5
Board.
3
1.
a.
A
land
bank
shall
have
a
board
of
directors
in
which
4
all
powers
of
the
land
bank
shall
be
vested.
5
b.
Unless
restricted
by
the
enabling
ordinance,
resolution,
6
or
agreement
as
specified
in
section
358A.4,
the
provisions
of
7
this
section
shall
apply
to
the
governance
of
a
land
bank.
8
2.
a.
The
membership
of
the
board
shall
be
established
in
9
the
bylaws
of
the
land
bank
and
shall
consist
of
an
odd
number
10
of
members,
which
shall
be
not
less
than
five
nor
more
than
11
eleven.
12
b.
Unless
otherwise
specified
by
the
ordinance,
resolution,
13
or
agreement
under
section
358A.4,
the
default
length
of
a
term
14
for
a
board
member
shall
be
four
years.
The
maximum
length
of
a
15
term
for
a
board
member
shall
be
five
years.
16
c.
A
land
bank
may,
as
determined
in
the
bylaws,
limit
the
17
number
of
terms
or
consecutive
terms
that
members
of
its
board
18
may
serve.
19
3.
a.
A
local
official
may
serve
as
a
board
member
and
20
service
as
a
land
bank
board
member
shall
neither
terminate
nor
21
impair
that
public
office.
22
b.
A
local
employee
shall
be
eligible
to
serve
as
a
land
23
bank
board
member.
24
c.
The
members
of
a
land
bank
board
shall
all
be
voting
25
members.
Land
bank
board
members
shall,
to
the
extent
26
practicable,
include
representatives
of
each
of
the
following:
27
(1)
A
local
government.
28
(2)
A
chamber
of
commerce.
29
(3)
Persons
with
experience
in
financial
services.
30
(4)
Persons
with
experience
in
real
property
acquisition
or
31
real
property
development.
32
(5)
Persons
with
experience
in
nonprofit
or
affordable
33
housing.
34
(6)
Persons
who
meet
all
of
the
following:
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(a)
The
person
is
a
resident
of
the
land
bank
jurisdiction.
1
(b)
The
person
is
not
a
local
public
official
or
local
2
employee.
3
d.
Requirements
provided
in
paragraph
“c”
of
this
subsection
4
may
be
satisfied
by
the
appointment
of
a
single
voting
member
5
who
meets
more
than
one
of
the
criteria.
6
e.
A
member
removed
under
subsection
9
shall
be
ineligible
7
for
reappointment
to
the
board
unless
the
reappointment
is
8
confirmed
unanimously
by
the
board.
9
4.
Annually,
the
board
shall
select
from
the
board
10
membership
a
chair,
vice
chair,
secretary,
and
treasurer
and
11
such
other
officers
as
the
board
deems
necessary.
12
5.
A
vacancy
on
the
board
shall
be
filled
following
the
13
procedure
adopted
pursuant
to
subsection
9.
Removal
of
a
14
member
shall
cause
the
position
to
become
vacant.
15
6.
Board
members
shall
serve
without
compensation.
16
However,
the
board
may
reimburse
a
member
for
expenses
actually
17
incurred
in
the
performance
of
duties
on
behalf
of
the
land
18
bank
as
provided
in
bylaws
adopted
pursuant
to
subsection
9.
19
7.
The
board
shall
meet
as
follows:
20
a.
In
regular
session
according
to
a
schedule
adopted
by
the
21
board.
22
b.
In
special
session
convened
by
the
chair
or
upon
written
23
petition
signed
by
a
majority
of
the
members.
24
8.
a.
A
majority
of
the
board,
excluding
vacancies,
25
constitutes
a
quorum.
26
b.
A
board
may
permit
any
or
all
members
to
participate
in
27
a
regular
or
special
meeting
by,
or
conduct
a
meeting
through
28
the
use
of,
any
means
of
electronic
communication
by
which
all
29
directors
participating
can
simultaneously
hear
each
other
30
during
the
meeting.
A
member
participating
in
a
meeting
by
31
means
of
electronic
communication
is
deemed
to
be
present,
in
32
person,
at
the
meeting.
33
9.
a.
The
board
shall
adopt
bylaws
establishing
all
of
the
34
following:
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(1)
Duties
of
officers
selected
pursuant
to
subsection
4.
1
(2)
Requirements
for
attendance
and
participation
of
2
members
at
regular
and
special
meetings
of
the
board.
3
(3)
A
procedure
for
removal
of
a
member
for
failure
4
to
comply
with
a
bylaw.
Removal
shall
only
be
made
by
the
5
affirmative
vote
of
no
less
than
a
majority
of
all
of
the
other
6
members
of
the
board.
7
(4)
A
procedure
detailing
prioritization
of
what
and
which
8
types
of
properties
to
acquire,
a
procedure
for
acquisition
of
9
properties,
and
a
statement
of
purpose.
10
(5)
A
procedure
for
the
terms
and
conditions
relating
11
to
disposition
of
properties,
including
but
not
limited
to
a
12
process
for
distribution
of
any
proceeds
to
any
claimants
or
13
taxing
entities,
and
to
any
other
land
bank.
14
(6)
A
procedure
for
the
establishment,
membership,
and
15
duties
of
committees
of
the
board.
16
(7)
Rules
to
determine
which
expenses
may
be
reimbursed.
17
(8)
A
procedure
for
making
an
appointment
to
fill
a
vacancy
18
on
the
board.
The
procedure
shall
include
a
simple
majority
19
vote
by
the
board
to
approve
the
appointment.
20
(9)
Other
matters
necessary
to
govern
the
conduct
of
a
land
21
bank.
22
b.
When
in
actual
conflict,
the
ordinances,
resolutions,
or
23
agreements
described
in
section
358A.4
shall
control
over
any
24
bylaws
adopted
by
the
board.
25
10.
a.
Except
as
set
forth
in
paragraph
“b”
or
“c”
of
this
26
subsection,
the
enabling
ordinance,
resolution,
or
agreement,
27
or
as
set
forth
by
a
land
bank
in
its
bylaws,
an
action
of
the
28
board
must
be
approved
by
the
affirmative
vote
of
a
majority
of
29
the
board
present
and
voting.
30
b.
Action
of
the
board
on
the
following
matters
must
be
31
approved
by
a
majority
of
the
entire
board
membership
excluding
32
vacancies:
33
(1)
Adoption
of
bylaws.
34
(2)
Hiring
or
firing
of
an
employee
or
contractor
of
the
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land
bank.
This
function
may
be
delegated
by
the
board
to
a
1
specified
officer
or
committee
of
the
land
bank.
2
(3)
Incurring
of
debt.
3
(4)
Adoption
or
amendment
of
the
annual
budget.
4
(5)
Sale,
lease,
encumbrance,
or
alienation
of
real
5
property
or
personal
property
with
a
value
of
more
than
fifty
6
thousand
dollars.
7
c.
A
resolution
regarding
dissolution
of
the
land
bank
under
8
section
358A.17
must
be
approved
by
two-thirds
of
the
entire
9
board
membership.
10
d.
A
member
of
the
board
shall
not
vote
by
proxy.
11
e.
A
member
may
request
that
a
vote
on
any
resolution
or
12
action
of
the
land
bank
be
recorded.
13
11.
Members
of
the
board
shall
not
be
liable
personally
on
14
the
obligations
of
the
land
bank,
and
rights
of
creditors
of
a
15
land
bank
shall
be
solely
against
the
land
bank.
16
Sec.
6.
NEW
SECTION
.
358A.6
Staff.
17
1.
A
land
bank
may
employ
or
contract
for
the
employment
18
of
a
secretary,
an
executive
director,
legal
counsel
and
legal
19
staff,
including
the
use
of
student
clinicians
from
a
reputable
20
law
school
in
this
state
with
a
clinical
law
program,
and
such
21
other
technical
experts
and
agents
and
employees,
permanent
22
or
temporary,
as
the
land
bank
may
require.
The
land
bank
23
may
determine
the
qualifications
and
fix
the
compensation
and
24
benefits
of
such
persons.
A
land
bank
may
also
enter
into
25
contracts
and
agreements
with
municipalities
or
nonprofit
26
entities
for
staffing
services
to
be
provided
to
the
land
27
bank
or
for
a
land
bank
to
provide
such
staffing
services
to
28
municipalities
or
agencies
or
departments
of
municipalities.
29
2.
An
employee
of
the
land
bank
is
not
and
shall
not
be
30
deemed
to
be
an
employee
of
the
municipality
for
whose
benefit
31
the
land
bank
is
organized
solely
because
the
employee
is
32
employed
by
the
land
bank.
33
3.
The
land
bank
shall
determine
the
compensation
for
an
34
executive
director
who
shall
manage
the
operations
of
a
land
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bank
and
employ
or
contract
for
the
employment
of
others
for
1
the
benefit
of
the
land
bank
as
approved
and
funded
by
the
2
board
of
directors.
3
Sec.
7.
NEW
SECTION
.
358A.7
Powers.
4
1.
In
furtherance
of
the
purposes
set
forth
in
section
5
358A.2,
a
land
bank
shall
have
all
of
the
following
powers:
6
a.
To
borrow
money
for
any
of
the
purposes
of
the
land
bank
7
by
means
of
loans,
lines
of
credit,
or
any
other
financial
8
instruments
or
securities
other
than
through
the
issuance
9
of
bonds,
debentures,
or
notes.
A
land
bank
may
secure
its
10
indebtedness
by
mortgage,
pledge,
deed
of
trust,
or
other
lien
11
on
its
property,
franchises,
rights,
and
privileges
of
every
12
kind
and
nature
or
any
part
thereof
or
interest
therein.
The
13
funds
borrowed
by
the
land
bank
are
payable
as
to
principal,
14
interest,
and
any
other
amounts
owed
the
lender
solely
from
the
15
proceeds
from
sale
or
rental
of
the
property
financed
with
the
16
loan
and
are
not
a
debt
of
or
charge
against
the
land
bank
or
17
any
of
the
municipalities
that
formed
the
land
bank
within
the
18
meaning
of
any
constitutional
or
statutory
debt
limitation.
19
b.
To
purchase,
receive,
hold,
manage,
lease,
20
lease-purchase,
or
otherwise
acquire
and
to
sell,
convey,
21
including
a
conveyance
by
installment
purchase
contract,
22
transfer,
lease,
sublease,
or
otherwise
dispose
of
real
and
23
personal
property,
together
with
any
incidental
or
appurtenant
24
rights,
privileges,
or
uses,
including
but
not
limited
to
any
25
real
or
personal
property
acquired
by
the
land
bank
in
the
26
satisfaction
of
debts
or
the
enforcement
of
obligations.
27
c.
(1)
To
acquire
the
good
will,
business,
rights,
real
and
28
personal
property,
and
other
assets,
or
any
part
or
interest,
29
of
any
person,
subject
to
any
obligations
enforceable
against
30
the
property
so
acquired.
31
(2)
To
acquire,
reclaim,
manage,
or
contract
for
the
32
management
of
improved
or
unimproved
and
underutilized
33
real
property
for
the
purpose
of
constructing
or
causing
34
the
construction
of
business
establishments
or
housing
on
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the
property,
for
the
purpose
of
assembling
and
enhancing
1
utilization
of
the
real
property,
or
for
the
purpose
of
2
disposing
of
such
real
property
to
others
in
whole
or
in
part
3
for
the
construction
of
business
establishments
or
housing.
4
(3)
To
acquire,
reclaim,
manage,
contract
for
the
5
management
of,
construct
or
reconstruct,
alter,
repair,
6
maintain,
operate,
sell,
convey,
including
a
conveyance
by
7
installment
purchase
contract,
transfer,
lease,
sublease,
or
8
otherwise
dispose
of
business
establishments
or
housing.
9
d.
To
acquire,
subscribe
for,
own,
hold,
sell,
assign,
10
transfer,
mortgage,
pledge,
or
otherwise
dispose
of
stocks,
11
shares,
bonds,
debentures,
notes,
or
other
securities
12
interests
or
indebtedness
and
evidences
of
interest
in,
or
13
indebtedness
of,
any
person,
notwithstanding
section
12B.10.
14
Any
tax
revenue
received
by
a
land
bank
shall
not
be
used
for
15
acquisition
or
subscription.
The
acquisition
of
securities
16
shall
only
be
by
gift.
Securities
so
acquired
shall
be
17
converted
to
cash
as
soon
as
practicable.
18
e.
To
mortgage,
pledge,
or
otherwise
encumber
any
property
19
acquired
pursuant
to
the
powers
contained
in
paragraph
“b”
,
“c”
,
20
or
“d”
of
this
subsection.
21
f.
To
serve
as
an
agent
for
grant
applications
and
for
the
22
administration
of
grants,
or
to
make
applications
as
principal
23
for
grants
intended
for
use
by
the
land
bank.
24
g.
To
charge
fees
or
exchange
in-kind
goods
or
services
for
25
services
rendered
to
political
subdivisions
and
other
persons
26
for
whom
services
are
rendered.
27
h.
To
purchase
tax
sale
certificates
at
auction,
negotiated
28
sale,
or
from
a
third
party
who
purchased
and
is
a
holder
of
one
29
or
more
tax
sale
certificates
issued
pursuant
to
chapter
446.
30
i.
To
be
assigned
a
mortgage
on
real
property
from
a
31
mortgagee
in
lieu
of
acquiring
such
real
property
subject
to
32
a
mortgage.
33
j.
To
extinguish
liens
and
encumbrances
on
tax-delinquent
or
34
otherwise
encumbered
property
the
land
bank
comes
to
possess.
35
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k.
To
issue
trump
bids
for
properties
subject
to
tax
sale
1
under
chapter
446
at
least
five
business
days
prior
to
the
2
beginning
of
the
sale
and
purchase
such
properties
at
the
3
amount
initially
proposed
at
such
a
sale.
At
the
beginning
of
4
a
sale,
properties
that
a
land
bank
has
expressed
intent
to
5
purchase
via
a
trump
bid
will
be
publicly
sold
to
the
land
bank
6
for
the
entirety
of
the
delinquent
tax
debt
on
the
property
7
with
the
land
bank
acquiring
full
ownership
with
clear
title
8
of
the
property
subject
to
the
expiration
of
the
applicable
9
redemption
period
established
in
chapter
447
and
issuance
of
10
the
tax
deed
under
chapter
448.
11
l.
A
land
bank
may
petition
for
abatement
pursuant
to
12
chapter
657A
and
is
an
“interested
person”
for
purposes
of
that
13
chapter.
14
m.
To
do
all
acts
and
things
necessary
or
convenient
to
15
carry
out
the
purposes
set
forth
in
section
358A.2
and
the
16
powers
especially
created
for
a
land
bank
in
this
section,
17
including
but
not
limited
to
contracting
with
the
federal
18
government,
the
state
or
any
political
subdivision
of
the
19
state,
and
any
other
party,
whether
nonprofit
or
for-profit.
20
2.
The
powers
enumerated
in
this
chapter
shall
not
be
21
construed
to
limit
the
general
powers
of
a
land
bank.
The
22
powers
granted
under
this
chapter
are
in
addition
to
the
powers
23
granted
by
any
other
section
of
the
Code,
but
as
to
a
land
24
bank,
shall
be
used
only
for
the
purposes
set
forth
in
section
25
358A.2.
26
Sec.
8.
NEW
SECTION
.
358A.8
Eminent
domain.
27
1.
A
land
bank
shall
not
possess
or
exercise
the
power
of
28
eminent
domain.
29
2.
Land
acquired
by
a
municipality
by
the
exercise
of
30
condemnation
through
eminent
domain
shall
not
be
used
to
31
effectuate
the
purposes
of
this
chapter.
32
Sec.
9.
NEW
SECTION
.
358A.9
Acquisition
of
property.
33
1.
a.
Except
as
provided
in
section
358A.8,
a
land
bank
34
may
acquire
real
property
or
interests
in
real
property
by
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gift,
devise,
transfer,
exchange,
foreclosure,
purchase,
or
1
otherwise,
on
terms
and
conditions
and
in
a
manner
the
board
2
considers
is
in
the
best
interest
of
the
land
bank.
3
b.
A
land
bank
may
hold
and
own
in
its
own
name
any
4
property
acquired
by
or
conveyed
to
the
land
bank.
All
deeds,
5
mortgages,
contracts,
leases,
purchases,
or
other
agreements
6
regarding
property
of
the
land
bank,
including
agreements
to
7
acquire
or
dispose
of
real
property,
may
be
approved
by
and
8
executed
in
the
name
of
the
land
bank.
9
2.
a.
A
land
bank
may
acquire
real
property
by
purchase
10
contracts,
lease-purchase
agreements,
installment
sales
11
contracts,
land
contracts,
or
other
contracts
that
convey
an
12
interest
in
real
property.
A
land
bank
may
accept
transfers
13
of
property
or
interests
in
property
from
the
state
or
14
any
political
subdivision
of
the
state
upon
such
terms
and
15
conditions
as
agreed
to
by
the
land
bank
and
that
unit
of
16
government
so
long
as
the
real
property
is
located
within
the
17
geographical
boundaries
of
the
land
bank.
18
b.
A
land
bank
may
register
as
a
bidder
for
purposes
19
of
chapter
446.
A
land
bank
is
not
subject
to
a
bidder
20
registration
fee
imposed
pursuant
to
section
446.16.
A
land
21
bank
shall
not
be
considered
a
city
or
county
for
purposes
of
22
bidding
on
property
under
chapter
446
or
redeeming
property
23
under
chapter
447.
If
a
municipality
does
not
elect
to
tender
24
a
bid
at
a
public
sale
pursuant
to
section
446.7
or
sale
25
pursuant
to
the
provisions
of
a
county
charter,
city
charter,
26
or
administrative
code,
the
land
bank
may
tender
a
trump
bid
27
at
the
sale
in
an
amount
equal
to
the
total
amount
of
the
28
delinquent
tax
debt
on
the
property.
If
the
land
bank
tenders
29
a
trump
bid,
the
property
shall
be
sold
to
the
land
bank,
even
30
if
bids
have
been
tendered
by
other
third
parties,
subject
to
31
the
expiration
of
the
applicable
redemption
period
established
32
in
chapter
447
and
issuance
of
the
tax
deed
under
chapter
448.
33
As
the
purchaser
at
the
public
sale
or
sale
pursuant
to
the
34
provisions
of
a
county
charter,
city
charter,
or
administrative
35
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code,
the
land
bank
shall
receive
the
tax
deed
in
accordance
1
with
chapters
446,
447,
and
448.
The
deed
to
the
land
bank
2
assigns
all
rights
resulting
from
the
land
bank’s
successful
3
tender
for
the
property
to
the
foreclosing
governmental
unit,
4
allowing
the
property
to
be
deeded
directly
to
the
foreclosing
5
governmental
unit.
All
land
bank
acquisitions
pursuant
to
this
6
paragraph
shall
comply
with
other
provisions
in
this
section
7
and
all
dispositions
of
property
acquired
pursuant
to
this
8
paragraph
shall
comply
with
section
358A.10.
9
c.
The
acquisition
of
property
by
the
land
bank
shall
not
10
be
governed
or
controlled
by
any
regulations
or
laws
relating
11
to
procurement
or
acquisition
of
property
of
any
municipality
12
that
created
the
land
bank,
unless
specifically
provided
in
the
13
ordinance,
resolution,
or
chapter
28E
agreement
establishing
14
the
land
bank.
15
d.
Except
as
otherwise
provided
in
paragraph
“e”
of
this
16
subsection,
a
land
bank
shall
not
own
or
hold
real
property
17
located
outside
the
geographical
boundaries
of
the
land
bank.
18
e.
A
land
bank
may
be
granted,
pursuant
to
an
19
intergovernmental
contract
with
a
political
subdivision
of
20
this
state,
the
authority
to
manage
and
maintain
real
property
21
located
within
the
geographical
boundaries
of
the
political
22
subdivision,
but
outside
the
geographical
boundaries
of
the
23
land
bank.
24
3.
A
land
bank
shall
maintain
all
of
its
real
property
in
25
accordance
with
the
laws
and
ordinances
of
the
jurisdiction
in
26
which
the
real
property
is
located.
27
4.
A
land
bank
shall
maintain
and
make
available
for
public
28
review
and
inspection
an
inventory
of
all
real
property
held
29
by
the
land
bank.
30
Sec.
10.
NEW
SECTION
.
358A.10
Disposition
of
property.
31
1.
a.
A
land
bank
may
convey,
exchange,
sell,
transfer,
32
lease,
grant,
or
mortgage
interests
in
real
property
of
the
33
land
bank
at
such
times,
to
such
persons,
upon
such
terms
and
34
conditions,
and
subject
to
such
restrictions
and
covenants
as
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the
land
bank
deems
necessary
or
appropriate
to
assure
the
1
effective
use
of
the
bank
in
accordance
with
the
purposes
of
2
section
358A.2.
3
b.
Unless
otherwise
provided
in
the
enabling
resolution,
4
ordinance,
or
agreement,
requirements
that
may
be
applicable
to
5
the
disposition
of
real
property
and
interests
in
real
property
6
by
municipalities
shall
not
be
applicable
to
the
disposition
of
7
real
property
and
interests
in
real
property
by
a
land
bank.
8
2.
a.
A
land
bank
shall
determine
the
amount
and
form
of
9
consideration
necessary
to
convey,
exchange,
sell,
transfer,
10
lease,
grant,
or
mortgage
interests
in
real
property.
11
b.
Consideration
may
take
the
form
of
monetary
payments
and
12
secured
financial
obligations,
covenants
and
conditions
related
13
to
the
present
and
future
use
of
the
property,
contractual
14
commitments
by
the
transferee,
and
other
forms
of
consideration
15
as
determined
by
the
board
to
be
in
the
best
interest
of
the
16
land
bank.
17
3.
a.
A
municipality
may
in
the
ordinance
or
resolution
18
creating
a
land
bank,
or
in
the
chapter
28E
agreement
in
the
19
case
of
any
combination
of
municipalities
creating
a
single
20
land
bank,
require
that
a
particular
form
of
disposition
of
21
real
property
or
a
disposition
of
real
property
located
within
22
a
specified
jurisdiction
be
subject
to
specified
voting
and
23
approval
requirements
of
the
board.
24
b.
Except
as
otherwise
provided
under
paragraph
“a”
of
this
25
subsection,
the
board
may
delegate
to
officers
and
employees
26
the
authority
to
enter
into
and
execute
agreements,
instruments
27
of
conveyance,
and
other
related
documents
pertaining
to
the
28
conveyance
of
real
property
by
the
land
bank.
29
Sec.
11.
NEW
SECTION
.
358A.11
Financing.
30
1.
A
land
bank
may
receive
funding
through
grants,
loans,
31
and
other
funds
from
the
municipality
that
created
the
land
32
bank,
from
other
municipalities,
from
the
state
of
Iowa,
from
33
the
federal
government,
and
from
other
public
and
private
34
sources,
including
but
not
limited
to
donations,
gifts,
or
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bequests.
1
2.
A
land
bank
may
receive
and
retain
payments
for
services
2
rendered,
for
rents
and
leasehold
payments
received,
for
3
consideration
for
disposition
of
real
and
personal
property,
4
for
proceeds
of
insurance
coverage
for
losses
incurred,
for
5
income
from
investments,
and
for
any
other
asset
and
activity
6
lawfully
permitted
to
a
land
bank
under
this
chapter.
7
3.
Up
to
seventy-five
percent
of
the
real
property
taxes
8
remaining
after
the
division
of
taxes
pursuant
to
section
9
403.19,
if
applicable,
and
exclusive
of
any
amount
levied
by
10
a
school
district,
collected
on
real
property
that
a
land
11
bank
has
conveyed
shall
be
remitted
to
the
land
bank.
The
12
specific
percentage
of
the
taxes
to
be
remitted,
as
to
each
13
municipality
that
created
the
land
bank,
shall
be
set
forth
in
14
the
enabling
ordinance,
resolution,
or
chapter
28E
agreement.
15
The
allocation
of
property
tax
revenues
shall
commence
with
the
16
first
assessment
year
beginning
January
1
following
the
date
of
17
conveyance
by
the
land
bank
and
shall
be
allocated
for
a
period
18
of
five
consecutive
assessment
years.
The
funds
shall
be
19
remitted
to
the
land
bank
in
accordance
with
the
administrative
20
procedures
established
by
the
county
or
counties
in
which
the
21
land
bank
is
located.
22
4.
At
the
time
that
a
land
bank
sells
or
otherwise
disposes
23
of
property
as
part
of
its
land
bank
program,
the
proceeds
from
24
the
sale,
if
any,
shall
be
allocated
as
determined
by
the
land
25
bank
among
the
following
priorities:
26
a.
Furtherance
of
land
bank
operations.
27
b.
Recovery
of
land
bank
expenses.
28
Sec.
12.
NEW
SECTION
.
358A.12
Delinquent
property
tax
29
enforcement.
30
1.
Whenever
a
land
bank
acquires
real
property
encumbered
31
by
a
lien
or
claim
for
real
property
taxes
owed
to
one
or
32
more
of
the
municipalities
that
established
the
land
bank,
33
or
to
other
political
subdivisions
that
have
entered
into
an
34
intergovernmental
contract
with
the
land
bank,
the
land
bank
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may,
by
resolution
of
the
board,
discharge
and
extinguish
any
1
and
all
of
the
liens
or
claims.
The
decision
by
the
board
to
2
extinguish
the
property
tax
liens
or
claims
is
subject
to
the
3
voting
requirements
contained
in
section
358A.5,
subsection
4
10.
If
a
portion
of
the
real
property
taxes
are
attributable
5
to
property
taxes
certified
for
levy
by
a
school
district,
6
the
land
bank
shall
notify
the
school
district
in
writing
of
7
its
intent
to
extinguish
all
such
liens
and
claims.
If
the
8
school
district
sends
a
written
objection
to
the
proposed
9
extinguishment
of
such
liens
and
claims
to
the
land
bank
within
10
thirty
days
of
receipt
of
such
notice,
the
land
bank
shall
not
11
extinguish
the
liens
and
claims.
If
the
school
district
fails
12
to
send
a
written
objection
to
the
proposed
extinguishment
to
13
the
land
bank
within
thirty
days
of
receipt
of
such
notice
14
from
the
land
bank,
the
land
bank
shall
have
the
power,
by
15
resolution
of
the
board,
to
discharge
and
extinguish
any
16
and
all
such
liens
or
claims.
To
the
extent
necessary
and
17
appropriate,
the
land
bank
shall
file
with
the
appropriate
18
taxing
entity
a
copy
of
the
resolution
providing
for
the
19
discharge
and
the
extinguishment
of
liens
or
claims
under
this
20
section.
21
2.
If
a
land
bank
receives
payments
of
any
kind
attributable
22
to
liens
or
claims
for
real
property
taxes
owed
or
allocated
23
to
a
municipality
or
school
district
on
property
acquired
by
24
the
land
bank,
the
land
bank
shall
remit
the
full
amount
of
the
25
payments
to
the
appropriate
taxing
entity.
26
Sec.
13.
NEW
SECTION
.
358A.13
Exemption
from
taxation.
27
The
real
property
and
the
income
and
operations
of
a
land
28
bank
are
exempt
from
taxation
by
the
state
and
by
any
political
29
subdivision
of
the
state.
However,
the
interest
of
a
purchaser
30
of
property
conveyed
by
the
land
bank
by
installment
purchase
31
contract
shall
not
be
exempt.
For
purposes
of
this
section,
32
real
property
includes
but
is
not
limited
to
real
property
held
33
by
a
land
bank
as
lessor
pursuant
to
long-term
lease
contracts
34
with
community
land
trusts
as
defined
in
42
U.S.C.
§12773.
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Sec.
14.
NEW
SECTION
.
358A.14
Public
records
and
public
1
meetings.
2
A
land
bank
is
a
“governmental
body”
for
purposes
of
chapter
3
21
and
a
“government
body”
for
the
purposes
of
chapter
22.
A
4
land
bank
shall
comply
with
all
public
meeting
requirements
5
under
chapter
21
and
all
public
records
requirements
under
6
chapter
22.
7
Sec.
15.
NEW
SECTION
.
358A.15
Reports.
8
1.
A
land
bank
shall
submit
to
the
governing
body
of
the
9
municipality
that
created
the
land
bank
a
monthly
report
that
10
informs
the
municipality
of
the
land
bank’s
activities
for
the
11
previous
month.
12
2.
By
January
31
of
each
year,
the
land
bank
shall
submit
an
13
annual
report
to
the
governing
body
of
the
municipality
that
14
created
the
land
bank
that
informs
the
municipality
of
the
land
15
bank’s
activities
for
the
preceding
calendar
year.
16
3.
A
land
bank
shall
submit
an
annual
report,
by
January
17
31
of
each
year,
to
the
general
assembly’s
standing
committees
18
on
commerce
concerning
the
land
bank’s
activities
for
the
19
preceding
calendar
year.
20
Sec.
16.
NEW
SECTION
.
358A.16
Audits.
21
A
land
bank
is
a
“governmental
subdivision”
for
the
purposes
22
of
chapter
11.
A
land
bank
shall
be
subject
to
periodic
23
examination
by
the
auditor
of
the
state.
24
Sec.
17.
NEW
SECTION
.
358A.17
Dissolution
of
land
banks.
25
1.
A
land
bank
may
be
dissolved
sixty
calendar
days
after
26
a
resolution
of
dissolution
is
approved
by
two-thirds
of
the
27
voting
members
of
the
board
and
by
two-thirds
of
the
membership
28
of
each
governing
body
of
a
municipality
that
created
the
29
land
bank.
The
board
shall
appoint
a
trustee
to
distribute
30
assets
held
by
the
land
bank.
The
board
shall
give
sixty
31
calendar
days
advance
written
notice
of
its
consideration
of
32
a
resolution
of
dissolution
by
publishing
a
notice
in
local
33
newspapers
of
general
circulation
within
each
municipality
that
34
created
the
land
bank.
Upon
dissolution
of
the
land
bank,
all
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liabilities,
real
property,
personal
property,
and
other
assets
1
of
the
land
bank
shall
become
the
liabilities
and
assets
of
the
2
municipality
that
created
the
land
bank,
or,
in
the
case
of
a
3
land
bank
created
pursuant
to
a
chapter
28E
agreement,
shall
be
4
distributed
pursuant
to
the
chapter
28E
agreement.
5
2.
A
municipality
may
withdraw
from
a
land
bank
if
the
land
6
bank
was
created
pursuant
to
a
chapter
28E
agreement.
The
7
withdrawing
municipality
shall
receive
its
share
of
assets
and
8
liabilities
as
determined
in
the
chapter
28E
agreement.
A
land
9
bank
consisting
of
two
or
more
municipalities
does
not
dissolve
10
upon
the
withdrawal
of
a
single
municipality.
11
Sec.
18.
NEW
SECTION
.
358A.18
Conflicts
of
interest.
12
1.
A
member
of
the
board
or
employee
of
a
land
bank
shall
13
not
acquire
any
direct
or
indirect
interest
in
real
property
14
of
the
land
bank,
in
any
real
property
to
be
acquired
by
the
15
land
bank,
or
in
any
real
property
to
be
acquired
from
the
land
16
bank.
A
member
of
the
board
or
employee
of
a
land
bank
shall
17
not
have
any
direct
or
indirect
interest
in
any
contract
or
18
proposed
contract
for
material
or
services
to
be
furnished
or
19
used
by
a
land
bank.
20
2.
a.
Any
person
who
serves
or
is
employed
by
a
land
bank
21
shall
not
engage
in
any
of
the
following
conduct:
22
(1)
Outside
employment
or
an
activity
that
involves
the
23
use
of
the
land
bank’s
time,
facilities,
equipment,
and
24
supplies
or
the
use
of
evidences
of
office
or
employment
to
25
give
the
person,
an
entity
affiliated
with
or
controlled
by
26
the
person,
or
member
of
the
person’s
immediate
family,
as
27
defined
in
section
68B.2,
an
advantage
or
pecuniary
benefit
28
that
is
not
available
to
other
similarly
situated
members
or
29
classes
of
members
of
the
general
public.
For
purposes
of
this
30
subparagraph,
a
person
is
not
“similarly
situated”
merely
by
31
being,
or
being
related
to,
a
person
who
serves
or
is
employed
32
by
the
land
bank.
33
(2)
Outside
employment
or
an
activity
that
involves
the
34
receipt
of,
promise
of,
or
acceptance
of
money
or
other
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consideration
by
the
person,
an
entity
affiliated
with
or
1
controlled
by
the
person,
or
a
member
of
the
person’s
immediate
2
family,
as
defined
in
section
68B.2,
from
anyone
other
than
the
3
land
bank
for
the
performance
of
any
act
that
the
person
would
4
be
required
or
expected
to
perform
as
a
part
of
the
person’s
5
regular
duties
or
during
the
hours
during
which
the
person
6
performs
service
or
work
for
the
land
bank.
7
(3)
Outside
employment
or
an
activity
that
is
subject
to
8
the
official
control,
inspection,
review,
audit,
or
enforcement
9
authority
of
the
person,
during
the
performance
of
the
person’s
10
duties
of
office
or
employment.
11
b.
If
the
outside
employment
or
activity
is
employment
or
12
activity
described
in
subsection
2,
paragraph
“a”
,
subparagraph
13
(1)
or
(2),
the
person
shall
immediately
cease
the
employment
14
or
activity.
If
the
outside
employment
or
activity
is
15
employment
or
activity
described
in
subsection
2,
paragraph
16
“a”
,
subparagraph
(3),
unless
otherwise
provided
by
law,
the
17
person
shall
take
one
of
the
following
courses
of
action:
18
(1)
Cease
the
outside
employment
or
activity.
19
(2)
Publicly
disclose
the
existence
of
the
conflict
and
20
refrain
from
taking
any
official
action
or
performing
any
21
official
duty
that
would
detrimentally
affect
or
create
a
22
benefit
for
the
outside
employment
or
activity.
For
purposes
23
of
this
subparagraph,
“official
action”
or
“official
duty”
24
includes
but
is
not
limited
to
participating
in
any
vote,
25
taking
affirmative
action
to
influence
any
vote,
granting
any
26
license
or
permit,
determining
the
facts
or
law
in
a
contested
27
case
or
rulemaking
proceeding,
conducting
any
inspection,
or
28
providing
any
other
official
service
or
thing
that
is
not
29
available
generally
to
members
of
the
public
in
order
to
30
further
the
interests
of
the
outside
employment
or
activity.
31
3.
Unless
otherwise
specifically
provided
the
requirements
32
of
this
section
shall
be
in
addition
to,
and
shall
not
33
supersede,
any
other
rights
or
remedies
provided
by
law.
34
DIVISION
II
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COORDINATING
PROVISIONS
1
Sec.
19.
Section
11.1,
subsection
1,
paragraph
c,
Code
2020,
2
is
amended
to
read
as
follows:
3
c.
“Governmental
subdivision”
means
cities
and
4
administrative
agencies
established
by
cities,
hospitals
or
5
health
care
facilities
established
by
a
city,
counties,
county
6
hospitals
organized
under
chapters
347
and
347A
,
memorial
7
hospitals
organized
under
chapter
37
,
entities
organized
under
8
chapter
28E
,
land
banks
created
under
chapter
358A,
community
9
colleges,
area
education
agencies,
and
school
districts.
10
Sec.
20.
Section
21.2,
subsection
1,
Code
2020,
is
amended
11
by
adding
the
following
new
paragraph:
12
NEW
PARAGRAPH
.
k.
A
land
bank
created
under
chapter
358A.
13
Sec.
21.
Section
22.1,
subsection
1,
Code
2020,
is
amended
14
to
read
as
follows:
15
1.
“Government
body”
means
this
state,
or
any
county,
16
city,
township,
school
corporation,
political
subdivision,
17
tax-supported
district,
nonprofit
corporation
other
than
a
18
fair
conducting
a
fair
event
as
provided
in
chapter
174
,
whose
19
facilities
or
indebtedness
are
supported
in
whole
or
in
part
20
with
property
tax
revenue
and
which
is
licensed
to
conduct
21
pari-mutuel
wagering
pursuant
to
chapter
99D
;
the
governing
22
body
of
a
drainage
or
levee
district
as
provided
in
chapter
23
468
,
including
a
board
as
defined
in
section
468.3
,
regardless
24
of
how
the
district
is
organized;
a
land
bank
created
under
25
chapter
358A;
or
other
entity
of
this
state,
or
any
branch,
26
department,
board,
bureau,
commission,
council,
committee,
27
official,
or
officer
of
any
of
the
foregoing
or
any
employee
28
delegated
the
responsibility
for
implementing
the
requirements
29
of
this
chapter
.
30
Sec.
22.
Section
331.361,
subsections
2
and
4,
Code
2020,
31
are
amended
to
read
as
follows:
32
2.
In
disposing
of
an
interest
in
real
property
by
sale
or
33
exchange,
by
lease
for
a
term
of
more
than
three
years,
or
by
34
gift,
the
following
procedures
shall
be
followed,
except
for
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dispositions
to
land
banks
created
under
chapter
358A
and
as
1
otherwise
provided
by
state
law:
2
a.
The
board
shall
set
forth
its
proposal
in
a
resolution
3
and
shall
publish
notice
of
the
time
and
place
of
a
public
4
hearing
on
the
proposal,
in
accordance
with
section
331.305
.
5
b.
After
the
public
hearing,
the
board
may
make
a
final
6
determination
on
the
proposal
by
resolution.
7
c.
When
unused
highway
right-of-way
is
not
being
sold
or
8
transferred
to
another
governmental
authority,
the
county
shall
9
comply
with
the
requirements
of
section
306.23
.
10
4.
The
board
shall
not
dispose
of
real
property
by
gift
11
except
for
a
public
purpose,
as
determined
by
the
board,
in
12
accordance
with
other
state
law.
This
subsection
shall
not
13
apply
to
disposal
of
real
property
by
gift
to
land
banks
14
created
under
chapter
358A.
15
Sec.
23.
Section
364.7,
Code
2020,
is
amended
to
read
as
16
follows:
17
364.7
Disposal
of
property.
18
1.
A
city
may
not
dispose
of
an
interest
in
real
property
19
by
sale,
lease
for
a
term
of
more
than
three
years,
or
gift,
20
except
in
accordance
with
the
following
procedure:
21
1.
a.
The
council
shall
set
forth
its
proposal
in
a
22
resolution
and
shall
publish
notice
as
provided
in
section
23
362.3
,
of
the
resolution
and
of
a
date,
time
and
place
of
a
24
public
hearing
on
the
proposal.
25
2.
b.
After
the
public
hearing,
the
council
may
make
a
26
final
determination
on
the
proposal
by
resolution.
27
3.
c.
A
city
may
not
dispose
of
real
property
by
gift
28
except
to
a
governmental
body
for
a
public
purpose.
29
2.
This
section
shall
not
apply
to
disposal
of
an
interest
30
in
real
property
to
a
land
bank
created
under
chapter
358A.
31
Sec.
24.
Section
427.1,
Code
2020,
is
amended
by
adding
the
32
following
new
subsection:
33
NEW
SUBSECTION
.
42.
Land
bank
property.
The
real
property
34
of
a
land
bank,
as
created
under
chapter
358A,
and
its
income
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and
operations
are
exempt
from
all
taxation
by
the
state
and
by
1
any
political
subdivision
of
the
state.
For
purposes
of
this
2
subsection,
real
property
includes
but
is
not
limited
to
real
3
property
held
by
a
land
bank
as
lessor
pursuant
to
long-term
4
lease
contracts
with
community
land
trusts
as
defined
in
42
5
U.S.C.
§12773.
6
Sec.
25.
Section
657A.2,
subsection
1,
Code
2020,
is
amended
7
to
read
as
follows:
8
1.
No
sooner
than
the
latter
of
thirty
days
after
provision
9
of
the
responsible
building
official’s
findings
under
section
10
657A.1A
and
six
months
after
a
building
has
become
abandoned,
a
11
petition
for
abatement
under
this
chapter
may
be
filed
in
the
12
district
court
of
the
county
in
which
the
property
is
located
13
by
the
city
in
which
the
property
is
located,
by
the
county
14
if
the
property
is
located
outside
the
limits
of
a
city,
by
a
15
neighboring
landowner,
by
a
land
bank
created
under
chapter
16
358A,
or
by
a
duly
organized
nonprofit
corporation
which
has
as
17
one
of
its
goals
the
improvement
of
housing
conditions
in
the
18
county
or
city
in
which
the
property
in
question
is
located.
19
The
petition
shall
not
demand
a
personal
judgment
against
any
20
party,
but
shall
concern
only
the
interests
in
the
property.
A
21
petition
for
abatement
filed
under
this
chapter
shall
include
22
the
legal
description
of
the
real
property
upon
which
the
23
public
nuisance
is
located
unless
the
public
nuisance
is
not
24
situated
on
or
confined
to
a
parcel
of
real
property,
or
is
25
portable
or
capable
of
being
removed
from
the
real
property.
26
Service
shall
be
made
on
all
interested
persons
by
personal
27
service
or,
if
personal
service
cannot
be
made,
by
certified
28
mail
and
first
class
mail
to
the
last
known
address
of
record
29
of
the
interested
person
and
by
posting
the
notice
in
a
30
conspicuous
place
on
the
building,
or
by
publication.
The
last
31
known
address
of
record
for
the
property
owner
shall
be
the
32
address
of
record
with
the
county
treasurer
of
the
county
where
33
the
property
is
located.
Service
may
also
be
made
as
provided
34
in
section
654.4A
.
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EXPLANATION
1
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
2
the
explanation’s
substance
by
the
members
of
the
general
assembly.
3
This
bill
provides
for
the
establishment
of
land
banks.
4
Division
I
of
the
bill
authorizes
one
or
more
municipalities
5
to
establish
a
land
bank
as
a
method
to
return
dilapidated,
6
abandoned,
blighted,
and
tax-delinquent
properties
in
their
7
communities
to
economically
productive
status.
An
established
8
land
bank
is
a
public
agency
for
the
purpose
of
joint
exercise
9
of
governmental
powers,
a
governmental
body
for
purposes
10
of
public
meetings
requirements
of
Code
chapter
21,
and
a
11
government
body
for
purposes
of
public
records
requirements
12
of
Code
chapter
22.
Land
banks
are
subject
to
periodic
13
examination
by
the
auditor
of
state
under
Code
chapter
11.
The
14
bill
sets
membership
requirements
and
term
limits
for
a
board
15
of
directors
of
a
land
bank,
including
interests
that
shall
16
be
represented
on
the
board.
The
bill
requires
the
board
to
17
establish
bylaws
relating
to
governance
of
the
land
bank.
18
Division
I
of
the
bill
grants
a
land
bank
various
powers
19
and
duties,
including
the
authority
to
acquire
properties
20
through
certain
procedures
such
as
issuing
a
trump
bid,
which
21
shall
be
for
all
delinquent
taxes
owed
on
a
property,
at
a
tax
22
sale.
However,
the
bill
explicitly
prohibits
a
land
bank
from
23
possessing
or
exercising
the
power
of
eminent
domain.
The
24
bill
establishes
financing
procedures
that
govern
land
banks,
25
including
allowing
to
be
remitted
to
the
land
bank
up
to
75
26
percent
of
real
property
taxes
collected
on
a
real
property
27
conveyed
by
a
land
bank
that
remains
after
the
division
of
28
taxes
for
an
urban
renewal
area
and
exclusive
of
any
amount
29
levied
by
a
school
district
for
five
consecutive
assessment
30
years.
The
bill
provides
procedures
for
removing
encumbrances
31
on
acquired
property,
including
the
extinguishing
of
tax
liens.
32
The
bill
requires
a
land
bank
to
make
monthly
and
annual
33
reports
to
the
governing
body
that
created
the
land
bank
and
34
submit
an
annual
report
to
the
general
assembly.
The
bill
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provides
procedures
for
disposing
of
property
that
is
acquired
1
by
the
land
bank.
The
bill
also
provides
procedures
for
2
dissolving
a
land
bank.
3
Division
II
of
the
bill
makes
changes
throughout
the
Code
to
4
conform
with
land
bank
procedures
established
in
Division
I
of
5
the
bill.
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