House Bill 351 - Land Bank Act Summary

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

• Grants authorities broad powers including property acquisition, disposition, financing through bonds and notes (up to 30 years), and expedited court procedures to confirm and quiet title to property held by the authorities.

• Establishes an expedited confirm and quiet title process requiring notice by certified mail, property posting, and publication; allows court to vest absolute fee simple title in the authority within 90 days, extinguishing all liens except recorded easements and governmental interests.

• Prohibits authorities from using eminent domain, levying taxes, or assisting casino development; exempts authority property and operations from taxation and establishes ethics requirements and conflict of interest disclosures for board members.

• Allows counties and municipalities to form joint authorities through intergovernmental agreements and permits local governments to make tax pledges to support authority bonds; takes effect July 1, 2024.