Bill > SB1478

This bill, titled the "Oklahoma Land Bank Act," establishes a framework for municipalities in Oklahoma to create land banks, which are entities designed to acquire, hold, and transfer vacant or underutilized real property for redevelopment. These land banks will be governed by a board of directors and can hire employees and consultants. The act outlines procedures for the creation of land banks, including the possibility of intergovernmental cooperation between multiple municipalities or with school districts. Land bank property is exempt from taxation, and the act details how land banks can acquire property through various means, including foreclosure sales, and how they can dispose of it, with provisions for prioritizing certain uses like public spaces and affordable housing. The bill also addresses the financing of land bank operations through grants, loans, and the issuance of bonds, and requires compliance with open meeting and open records laws. Importantly, it allows for the sale of tax-delinquent properties to land banks for less than market value under specific conditions, particularly when the property is unimproved and has a significant history of tax delinquency, and provides a process for land banks to quiet title to properties they acquire. The act also includes provisions for the creation of land banks in response to natural disasters and clarifies conflict of interest rules for board members and employees.

Government Affairs

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1478&Session=2600