A land bank constitutes a public body, corporate and politic, exercising public powers of the Commonwealth necessary or appropriate to carry out this chapter, including the following powers:
(1) To adopt, amend and repeal bylaws for the regulation of its affairs and the conduct of its business.(2) To sue and be sued in its own name and be a party in a civil action. This paragraph includes an action to clear title to property of the land bank.(3) To adopt a seal and to alter the same at pleasure.(4) To borrow from Federal Government funds, from the Commonwealth, from private lenders or from municipalities, as necessary, for the operation and work of the land bank.(5) To issue negotiable revenue bonds and notes according to the provisions of this chapter.(6) To procure insurance or guarantees from the Federal Government or the Commonwealth of the payment of debt incurred by the land bank, and to pay premiums in connection with the insurance or guarantee.(7) To enter into contracts and other instruments necessary, incidental or convenient to the performance of its duties and the exercise of its powers. This paragraph includes intergovernmental cooperation agreements under 53 Pa.C.S. Ch. 23 Subch. A (relating to intergovernmental cooperation) for the joint exercise of powers under this chapter.(8) To enter into contracts and intergovernmental cooperation agreements with municipalities for the performance of functions by municipalities on behalf of the land bank or by the land bank on behalf of municipalities.(9) To make and execute contracts and other instruments necessary or convenient to the exercise of the powers of the land bank. Any contract or instrument signed shall be executed by and for the land bank if the contract or instrument is signed, including an authorized facsimile signature, by:(i) the chair or vice chair of the land bank; and(ii) either: (A) the secretary or assistant secretary of the land bank; or(B) the treasurer or assistant treasurer of the land bank.(10) To procure insurance against losses in connection with the real property, assets or activities of the land bank.(11) To invest money of the land bank at the discretion of the board in instruments, obligations, securities or property determined proper by the board and to name and use depositories for its money.(12) To enter into contracts for the management of, the collection of rent from or the sale of real property of the land bank.(13) To design, develop, construct, demolish, reconstruct, rehabilitate, renovate, relocate and otherwise improve real property or rights or interests in real property.(14) To fix, charge and collect rents, fees and charges for the use of real property of the land bank and for services provided by the land bank.(15) To grant or acquire licenses, easements, leases or options with respect to real property of the land bank.(16) To 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.(16.1) To enter into partnerships, joint ventures and other collaborative relationships with other entities, including private developers, for the conversion of vacant, abandoned, tax-delinquent or otherwise blighted property into housing facilities for homeless individuals.(17) To organize and reorganize the executive, administrative, clerical and other departments of the land bank and to fix the duties, powers and compensation of employees, agents and consultants of the land bank.(18) To do all other things necessary or convenient to achieve the objectives and purposes of the land bank or other law related to the purposes and responsibility of the land bank.Amended by P.L. TBD 2022 No. 125, § 3, eff. 1/2/2023.Added by P.L. 1239 2012 No. 153, § 1, eff. 12/23/2012.