HB 856 Summary

• Establishes the "Land Bank Act" authorizing counties and municipalities to create land bank authorities to acquire, manage, and dispose of vacant, abandoned, or tax-struck property to promote economic development and revitalize local economies.

• Grants land bank authorities broad powers including acquiring and holding property, entering contracts, borrowing money, issuing bonds and notes, and conducting expedited title confirmation and quieting procedures through chancery court.

• Creates expedited confirm and quiet title procedures allowing authorities to vest absolute fee simple title in themselves through court proceedings with 30-day notice requirements and streamlined hearing timelines (within 90 days).

• Exempts authority property, income, and operations from all state and local taxation, prohibits authorities from using eminent domain, levying taxes, or funding casino development, and requires adoption of ethics codes and conflict-of-interest disclosure policies.

• Authorizes municipalities and counties to form joint authorities through intergovernmental agreements and allows them to transfer property and make limited or unlimited tax pledges to support authority bonds or notes.