Va. Code § 15.2-7506

Current with changes from the 2024 legislative session through ch. 845

Section 15.2-7506 - Powers of land bank entity

A. The land bank entity shall have the power to:

1. Adopt, amend, and repeal bylaws for the regulation of its affairs and the conduct of its business;

2. Sue and be sued in its own name and plead and be interpleaded in all civil actions, including actions to clear title to property of the land bank entity;

3. Adopt a seal and alter the same at its pleasure;

4. Borrow money from private lenders, localities, or the state or from federal government funds, as may be necessary, for the operation and work of the land bank entity;

5. Procure insurance or guarantees from the Commonwealth or federal government of the payments of any debts or parts thereof incurred by the land bank entity and pay premiums in connection therewith;

6. Enter into contracts and other instruments necessary, incidental, or convenient to the performance of its duties and the exercise of its powers;

7. Enter into contracts and other instruments necessary, incidental, or convenient to the performance of functions by the land bank entity on behalf of localities or agencies or departments of localities or to the performance by localities or agencies or departments of localities of functions on behalf of the land bank entity;

8. Make and execute contracts and other instruments necessary or convenient to the exercise of the powers of the land bank entity;

9. Procure insurance against losses in connection with the real property, assets, or activities of the land bank entity;

10. Invest funds of the land bank entity, at the discretion of the board, in instruments, obligations, securities, or real property determined proper by the board and name and use depositories for its funds;

11. Enter into contracts for the management of, the collection of rent from, or the sale of real property of the land bank entity;

12. Design, develop, construct, demolish, reconstruct, rehabilitate, renovate, relocate, and otherwise improve real property or rights or interests in real property;

13. Fix, charge, and collect rents, fees, and charges for the use of real property of the land bank entity and for services provided by the land bank entity;

14. Grant or acquire a license, easement, lease, or option with respect to real property of the land bank entity;

15. Enter into partnerships, joint ventures, and other collaborative relationships with municipalities and other public and private entities for the ownership, management, development, and disposition of real property;

16. Accept grants and donations from any source, as may be necessary, for the operations of the land bank entity;

17. Accept real estate from any source, subject to the limitations and restrictions set out in § 15.2-7507;

18. Make loans or provide grants to carry out activities consistent with the purposes of the land bank entity; and

19. Do all other things necessary or convenient to achieve the objectives and purposes of the land bank entity or other laws that relate to the purposes and responsibility of the land bank entity.

B. The land bank entity shall neither possess nor exercise the power of eminent domain.

Va. Code § 15.2-7506

2016, cc. 159, 383.

Added by Acts 2016 c. 384, § 1, eff. 7/1/2016.

Added by Acts 2016 c. 159, § 1, eff. 7/1/2016.