A. Subject to a public hearing held pursuant to § 15.2-7502, a locality may by ordinance, or two or more localities may by concurrent ordinances, create a land bank entity as either an authority or a corporation, under an appropriate name and title, for the purpose of assisting the locality to address vacant, abandoned, and tax delinquent properties. Other localities may join the authority or corporation as provided in the ordinance.
An authority created pursuant to the Act shall be created as a public body corporate and as a political subdivision of the Commonwealth. A corporation created pursuant to the Act shall be a nonprofit, nonstock corporation created under Chapter 10 (§ 13.1-801 et seq.) of Title 13.1.
B. Each ordinance shall include the following:
1. The name of the authority or corporation and the address of its principal office;
2. The name of each locality creating the authority or corporation;
3. The purpose for which the authority or corporation is created; and
4. The names, addresses, and terms of office of the initial members of the board of directors of the authority or corporation.
2016, cc. 159, 383.
Structure Code of Virginia
Title 15.2 - Counties, Cities and Towns
Chapter 75 - Land Bank Entities Act
§ 15.2-7501. Creation of land bank entities by localities
§ 15.2-7502. Public hearing required prior to creation or designation of a land bank entity
§ 15.2-7503. Board of directors; qualifications; terms; vacancies; compensation and expenses
§ 15.2-7504. Executive director; staff
§ 15.2-7505. Financial interests of board members and employees prohibited
§ 15.2-7506. Powers of land bank entity
§ 15.2-7507. Acquisition of property
§ 15.2-7508. Disposition of property
§ 15.2-7509. Financing of operations
§ 15.2-7510. Exemption from taxes or assessments