Indiana Code 36-7-38-2. Establishment of a land bank
(1) establishing a body corporate and politic; or
Terms Used In Indiana Code 36-7-38-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
as an independent instrumentality exercising essential governmental functions.
(b) The legislative bodies of two (2) or more eligible units within a single county or within two (2) or more contiguous counties may enter into an interlocal agreement under IC 36-1-7:
(1) establishing a body corporate and politic; or
(2) directing the executive of one (1) of the eligible units entering into the interlocal agreement to organize a nonprofit corporation under IC 23-17;
as an independent instrumentality exercising essential governmental functions.
(c) The primary purpose of a land bank established under subsection (a) or (b) is to manage and improve the marketability of distressed real property located in the territory of the land bank.
(d) An ordinance or interlocal agreement establishing a land bank must specify:
(1) The name of the land bank.
(2) The number of board members, subject to section 4 of this chapter.
(e) The territory of a land bank established under subsection (a) is:
(1) in the case of an eligible unit that is a municipality, the territory of the municipality; or
(2) in the case of an eligible unit that is a county, all the territory of the county, except for the territory of any municipality in the county that has established another land bank.
(f) The territory of a land bank established under subsection (b) is the territory of all the eligible units that have established the land bank, except for the territory of any municipality that has established another land bank under subsection (a) or (b).
As added by P.L.211-2016, SEC.1. Amended by P.L.85-2017, SEC.125; P.L.110-2017, SEC.5; P.L.26-2020, SEC.5.