(A) Pursuant to IC 36-7-38-1 et seq., the Mayor's office is hereby directed to organize a nonprofit corporation under IC 23-17, known as “New Castle Land Bank Corp.” as an independent instrumentality exercising essential government functions.
(B) The primary purpose of the land bank shall be to acquire, manage, maintain, protect, rent, lease, repair, alter, sell, trade, exchange, or otherwise dispose of distressed real property acquired through tax foreclosure or other methods as provided in IC 36-7-38-1 et sec. located within the City of New Castle, Indiana (the Territory), and any other governmental entity with which the land bank has agreed or contracted with to perform services.
(C) The land bank shall have nine members on its board of directors comprised of the following:
(1) Three directors, who must be residents of the city, shall be appointed by the Mayor. The initial directors appointed hereunder shall serve a term equal to the remainder of the calendar year in which the land bank is established plus renewable terms equal to one calendar year.
(2) Three directors, who must be residents of the city, shall be appointed by the Council. The initial directors appointed hereunder shall serve a term equal to the remainder of the calendar year in which the land bank is established plus renewable terms equal to two calendar years.
(3) One Director, who must be a resident of the city, shall be appointed by the Henry County Treasurer. The initial director appointed hereunder shall serve a term equal to the remainder of the calendar year in which the land bank is established plus renewable terms equal to three calendar years.
(4) The directors appointed pursuant to the above shall appoint two additional directors, who shall not be required to be residents of the city. The initial directors appointed hereunder shall serve a term equal to the remainder of the calendar year in which the land bank is established plus renewable terms equal to three calendar years.
(D) The land bank's goals and priorities concerning the disposition of properties must include the sale or transfer of properties:
(1) For redevelopment that will act as a catalyst for further development;
(2) That support a comprehensive development plan or strategic plan for neighborhood revitalization;
(3) That reduce blight in the community;
(4) That revitalize or stabilize neighborhoods;
(5) That will be returned to productive, tax paying status;
(6) That will be returned to productive uses, including development of side lots, green spaces, and gardens;
(7) That are available for immediate ownership or occupancy without a need for substantial rehabilitation;
(8) That will be used for affordable housing; or
(9) That will generate operating support for the functions of the land bank.
(E) The land bank shall do the following:
(1) Maintain an inventory of real property held by the land bank.
(2) Develop policies, guidelines, and procedures for the acquisition, redevelopment, and disposition of property by and from the land bank. The policies, guidelines, and procedures developed under this subdivision must be formulated in plain language with the objective of being clearly understood.
(3) Make the information described in divisions (1) and (2) above available for inspection at the land bank's offices and on New Castle Land Bank Corp.'s website.
(F) The land bank shall be subject to IC 5-14-1.5 (open door law) and IC 5-14-3 (public records law).
(G) The land bank may directly employ, or otherwise contract with any staff deemed necessary to carry out its duties and responsibilities. Such staff and contractors shall be paid directly from the funds of the land bank.
(Ord. 3803, passed 2-4-19)