MO HB707

Allows municipalities within counties that had a land trust operating on January 1, 2011, to establish a land bank agency to manage and sell tax-delinquent real estate to return land to productive use for housing, industry, and jobs.

Establishes a three-member land bank commission appointed by the establishing municipality (two members) and the largest school district within the municipality (one member), with members serving without compensation.

Permits land bank agencies to acquire real estate through deemed sales at tax foreclosure auctions when no acceptable bids are received after three days of offering, or by deed transfer from existing land trusts.

Authorizes land bank agencies to convey property by general or special warranty deed and to set conditions on residential property sales, including requirements that owners improve unimproved parcels within one year or return them to the agency.

Requires proceeds from land bank sales to be distributed first to cover expenses and operating costs, then to taxing authorities in proportion to their tax levies on the properties, with provisions for handling property acquired through private foreclosure sales.