GA SB284

Establishes the "Georgia Land Bank Act" (Article 6 of Chapter 4, Title 48) effective July 1, 2012, creating a new framework for land banks as public bodies corporate and politic to acquire, manage, and dispose of dilapidated, abandoned, and tax-delinquent properties and return them to productive use.

Allows counties, municipal corporations, and consolidated governments to create land banks through intergovernmental contracts or resolutions, governed by boards of 5 to 11 members (odd number required), who serve without compensation and are subject to conflict-of-interest rules and open meetings/records requirements.

Grants land banks broad powers including acquiring and disposing of real property, borrowing funds, issuing notes, entering partnerships, and holding title for community land trusts, but explicitly prohibits land banks from exercising eminent domain and restricts lending to nongovernmental entities except when administering government-sourced loan funds.

Provides financing mechanisms allowing land banks to receive up to 75% of real property taxes (excluding state and school district ad valorem taxes) collected on properties conveyed by the land bank for five years after conveyance, and authorizes land banks to acquire tax executions from tax commissioners and bid at both judicial and nonjudicial tax sales.

Prohibits creation of new land banks under the prior Article 4 framework after July 1, 2012, but allows pre-existing land banks to continue operating under the old law or opt into the new article by unanimous board consent with the addition of at least one board member to ensure an odd-numbered board.