A. Subject to a public hearing held pursuant to § 15.2-7502, a locality may by ordinance designate a planning district commission or an existing nonprofit entity and its governing board to carry out the functions of a land bank entity. The ordinance shall include a finding by the locality that the governance structure, articles of incorporation, charters, bylaws, and other corporate documents are sufficient to authorize the designated existing nonprofit entity to carry out the provisions of the Act.
B. A planning district commission or an existing nonprofit entity designated pursuant to this section shall not be required to comply with the provisions of § 15.2-7503.
2016, cc. 159, 383; 2020, c. 147.
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