Bill > SB1679

This bill creates an urban land bank program for municipalities with a population of two million or more. The key provisions are: - Allows certain municipalities to create a land bank to acquire, manage, and dispose of vacant, abandoned, and deteriorated properties to convert them to productive uses like affordable housing, economic development, parks, and flood control. - Establishes the structure and governance of the land bank, including the board of directors, meetings, and conflict of interest rules. - Gives the land bank various powers to acquire, finance, and dispose of properties, including through tax foreclosure sales. - Provides tax-exempt status for land bank properties and allows the municipality to allocate a portion of property taxes collected on land bank-conveyed properties to the land bank for a period of time. - Creates a joint interim committee to study land banks and provide legislative recommendations.