Bill > H3934

This bill establishes the Town of Plymouth Land Bank, a public entity designed to acquire, manage, and develop land for various community purposes. The Land Bank will be administered by a nine-member Commission appointed by different town bodies, including the Select Board, Town Meeting, Planning Board, Affordable Housing Trust, Open Space Committee, and Land Use and Acquisition Committee. The Land Bank is authorized to acquire real property interests for five primary land use categories: natural and open space, active recreation, municipal use, and affordable housing. To fund its operations, the bill imposes a 2% transaction fee on real estate transfers within the town, with certain exemptions for first-time homebuyers, transfers to government entities, family gifts, and affordable housing developments. The Land Bank will have broad powers to purchase, improve, and dispose of land, issue bonds, and manage its properties consistent with the town's existing master, open space, and housing plans. Commissioners will serve three-year terms without compensation and must follow strict ethical guidelines. The bill requires annual reporting to state and local authorities and includes provisions for financial management, penalty enforcement for unpaid transaction fees, and a liberal interpretation of the act's intent to support the welfare of Plymouth and its residents.

Housing and Urban Affairs

https://malegislature.gov/Bills/194/H3934