§ 5-8. Designation of land bank entity.

(a)

The Maggie Walker Community Land Trust, and its governing board, ("the land bank entity"), an existing nonprofit entity, is hereby designated to carry out the functions of a land bank entity for the purpose of assisting the county to address vacant, abandoned, and tax delinquent properties in the county.

(b)

The land bank entity's articles of incorporation and bylaws are sufficient to authorize the land bank entity to carry out the provisions of the Land Bank Entities Act, Code of Virginia § 15.2-7500, et seq. To the extent there is any conflict between the corporate documents and policies of the land bank entity and this section, the provisions of this section shall take precedence.

(c)

Any reference to "property" or "real property" in this section shall mean real property located within the county.

(d)

Real property that is conveyed by the land bank entity shall be used in accordance with the following priorities:

(1)

Enhancing the county's tax base;

(2)

Eliminating blight and revitalize neighborhoods;

(3)

Encouraging the development and reuse of vacant and surplus properties;

(4)

Enabling wealth-building opportunities by helping households become home owners;

(5)

Improving neighborhoods resulting in equity gains for existing home owners;

(6)

Preserving and enhancing open space and urban agriculture opportunities; and

(7)

Supporting the production of affordable and workforce housing units.

(e)

The land bank entity shall have the power to:

(1)

Adopt, amend, and repeal bylaws for the regulation of its affairs and the conduct of its business;

(2)

Sue and be sued in its own name and plead and be interpleaded in all civil actions, including actions to clear title to property of the land bank entity;

(3)

Adopt a seal and alter the same at its pleasure;

(4)

Borrow money from private lenders, localities, or the state or from federal government funds, as may be necessary, for the operation and work of the land bank entity;

(5)

Procure insurance or guarantees from the Commonwealth or federal government of the payments of any debts or parts thereof incurred by the land bank entity and pay premiums in connection therewith;

(6)

Enter into contracts and other instruments necessary, incidental, or convenient to the performance of its duties and the exercise of its powers;

(7)

Enter into contracts and other instruments necessary, incidental, or convenient to the performance of functions by the land bank entity on behalf of localities or agencies or departments of localities or to the performance by localities or agencies or departments of localities of functions on behalf of the land bank entity;

(8)

Make and execute contracts and other instruments necessary or convenient to the exercise of the powers of the land bank entity;

(9)

Procure insurance against losses in connection with the real property, assets, or activities of the land bank entity;

(10)

Invest funds of the land bank entity, at the discretion of the board, in instruments, obligations, securities, or real property determined proper by the board and name and use depositories for its funds;

(11)

Enter into contracts for the management of, the collection of rent from, or the sale of real property of the land bank entity;

(12)

Design, develop, construct, demolish, reconstruct, rehabilitate, renovate, relocate, and otherwise improve real property or rights or interests in real property;

(13)

Fix, charge, and collect rents, fees, and charges for the use of real property of the land bank entity and for services provided by the land bank entity;

(14)

Grant or acquire a license, easement, lease, or option with respect to real property of the land bank entity;

(15)

Enter into partnerships, joint ventures, and other collaborative relationships with municipalities and other public and private entities for the ownership, management, development, and disposition of real property;

(16)

Accept grants and donations from any source, as may be necessary, for the operations of the land bank entity;

(17)

Accept real estate from any source, subject to the limitations and restrictions set out in Code of Virginia § 15.2-7507;

(18)

Make loans or provide grants to carry out activities consistent with the purposes of the land bank entity; and

(19)

Do all other things necessary or convenient to achieve the objectives and purposes of the land bank entity or other laws that relate to the purposes and responsibility of the land bank entity.

(f)

The land bank entity shall neither possess nor exercise the power of eminent domain.

(g)

The land bank entity may acquire real property or interests in real property by gift, devise, transfer, exchange, purchase, or otherwise on terms and conditions and in a manner the land bank entity considers proper.

(h)

The land bank entity may acquire real property by purchase contracts, lease purchase agreements, installment sales contracts, and land contracts and pursuant to the sale or other conveyance of real property under Code of Virginia, § 58.1-3965 et seq. The land bank entity may accept transfers or conveyances from the county upon such terms and conditions as agreed to by the land bank entity and the county. Notwithstanding any other law to the contrary, the county may transfer or convey to the land bank entity real property and interests in real property of the county on such terms and conditions and according to such procedures as determined by the county.

(i)

The land bank entity shall maintain its real property in accordance with the laws and ordinances of the county.

(j)

The land bank entity shall hold in its own name all real property acquired by the land bank entity regardless of the identity of the transferor of such property.

(k)

The land bank entity shall maintain and make available for public review and inspection an inventory of the real property held by the land bank entity.

(l)

The land bank entity shall determine and set forth in policies and procedures of its board the general terms and conditions for consideration to be received by the land bank entity for the transfer of real property and interests in real property, which consideration may take the form of monetary payments and secured financial obligations, covenants, and conditions related to the present and future use of the property; contractual commitments of the transferee; and such other forms of consideration as determined by the land bank entity to be in the best interest of the land bank entity.

(m)

No member of the board or employee of the land bank entity shall acquire any interest, direct or indirect, in real property of the land bank entity, in any real property to be acquired by the land bank entity, or in any real property to be acquired from the land bank entity.

(n)

No member of the board or employee of a land bank entity shall have any interest, direct or indirect, in any contract or proposed contract for materials or services to be furnished to or used by a land bank entity.

(o)

The land bank entity may adopt supplemental rules and regulations addressing potential conflicts of interest and ethical guidelines for members of the board and employees of the land bank entity.

(p)

The land bank entity may convey, exchange, sell, transfer, lease as lessee, grant, and release any and all interests in, upon, or to real property of the land bank entity.

(q)

The acquisition, management, and disposition of any historic property as designated by the County in accordance with Code of Virginia, § 15.2-2306 or within a historic area as defined in Code of Virginia, § 15.2-2201 shall be considered subject to the requirements of Code of Virginia, § 15.2-2306.

(r)

When real property is conveyed by the land bank entity, 50 percent of the real property taxes collected on such property shall be remitted to the land bank entity. Such remittance of real property taxes collected shall commence with the first taxable year following the date of conveyance and continue for a period of ten years. The remittance shall not be renewed at the conclusion of the ten-year period.

(s)

The land bank entity is hereby declared to be performing a public function on behalf of the county and to be a public instrumentality of the county. Accordingly, the land bank entity shall not be required to pay any taxes upon any property acquired or used by the land bank entity under the provisions of the Act.

(t)

The land bank entity may be dissolved 60 calendar days after an affirmative resolution is approved by two-thirds of the membership of its board. Sixty calendar days' advance written notice of consideration of a resolution of dissolution shall be (i) given to the board of supervisors (ii) published in a local newspaper of general circulation in the county, and (iii) sent by certified mail to the trustee of any outstanding bonds of the land bank entity. Upon dissolution of the land bank entity, all real property, personal property, and other assets of the land bank entity shall become the assets of the county.

(u)

Notwithstanding subsection (t), no land bank entity shall be dissolved unless all obligations and debts of such land bank entity have been lawfully satisfied or otherwise provided for.

(Ord. of 4-24-19(1), § 1)

(Ord. of 4-24-19(1), § 1)