SB 2769 Summary

• Creates the "Land Bank Act" authorizing counties and municipalities to establish land bank authorities as public bodies to acquire, assemble, and dispose of vacant, abandoned, or tax-foreclosed property to promote economic development.

• Land bank authorities may acquire property through purchase, gift, transfer, or foreclosure (but not eminent domain) and hold property with unclear title, then dispose of property to public or private entities for productive use.

• Establishes an expedited "confirm and quiet title" legal procedure allowing authorities to vest clear fee simple title in themselves through chancery court proceedings with notice requirements, extinguishing liens and prior interests within 90 days.

• Authorities are tax-exempt public entities that may borrow money and issue bonds secured by revenue sources; counties and municipalities may pledge limited or unlimited tax support to back authority bonds with voter approval.

• Prohibits authorities from assisting casino development, levying taxes, using eminent domain, or operating under municipal or county restrictions; authorities remain subject to state zoning and land use controls.