The Land Bank shall have the following powers and duties:
(a) To develop stewardship and management plans for each acquired interest not inconsistent with or detrimental to the purpose/rationale which justifies its acquisition;
(b) To supervise the management of the property interests acquired;
(c) To develop annual reports of Land Bank activity;
(d) To conduct real property appraisals;
(e) To negotiate real property purchases or trades;
(f) To provide for a system of accounting;
(g) To adopt, amend and/or repeal policies and procedures for contracting and procurement which must be consistent with the provisions set forth in the City of Sharon Codified Ordinances;
(h) To borrow money from private lenders, from cities or counties, from the state or from the federal government funds to further or carry out the Land Bank’s public purpose by executing leases, trust indentures, trust agreements, agreements for the sale notes, loan agreements, mortgages, deeds to secure debt, trust deeds, security agreements, assignments and such other agreements or instruments as may be necessary or desirable, in the judgement of the Land Band to evidence and to provide security for such borrowing;
(i) To make application directly or indirectly to any federal, state, County or municipal government or agency or to any other source, whether public or private, for loans, grants, gifts, guarantees, labor or other aid or financial assistance in furtherance of the Land Bank’s public purpose and to accept and use the same upon such terms and Condition as arc prescribed by such federal, state, county, or municipal government or agency or other source;
(j) The City hereby assents to real estate tax payment allocation to the Land Bank for properties returned to the tax rolls after Land Bank ownership with regard to City real estate taxes to the extent allowed by state law and the Land Bank is authorized to seek allocation of real estate taxes on return of land to the rolls after Land Bank ownership by agreement with other applicable taxing authorities; and
(k) All other powers duties provided for, authorized or allocated under Act 153 of 2012, 68 Pa. C.S. at Section 2107.
(Ord. 02-18. Passed 3-21-18.)