§ 74-71. Purpose.

(a)

Purpose to be served. The land bank agency shall manage, sell, transfer and dispose of interests in real estate owned by such land bank agency in accordance with this chapter 74. The use of property conveyed by such land bank agency shall be for the purposes of creating: (i) opportunities for revitalization of deteriorating residential, retail and commercial neighborhoods, (ii) safe, decent and affordable housing for existing and future residents, (iii) retail and commercial areas on vacant or deteriorated properties within neighborhoods, (iv) the assemblage of property for future development in a manner consistent with the purposes of the city's consolidated plans, particularly in any low to moderate income area designated by the city as a target area for revitalization, (v) creation or expansion of side yards with unimproved vacant lots in neighborhoods densely constructed for the benefit of abutting residences, (vi) space for use as urban agriculture, community gardens, or other similar uses consistent with healthy eating by residents, including restoring ground through alternative vegetative cover to build-back the soil for future use for food production, (vii) public spaces and places for parks, green spaces and other public purposes and (viii) use as wildlife conservation areas; and otherwise returning land in a nonrevenue-generating, nontax-producing status, to beneficial uses through private (for-profit or non-profit), or public ownership, with such relative priority among these stated purposes as set forth in section 74-80(e), as further considered and applied by the board of commissioners governing such land bank agency.

(b)

Limitations of authority. Such land bank agency shall not own any interest in real estate that is located wholly or partially outside the city. Such land bank agency shall not be authorized to sell more than five contiguous parcels to the same entity in the course of a year, provided however, the foregoing shall be construed not to limit the authority to acquire, maintain or convey property pursuant to:

(1)

The Urban Redevelopment Corporation Law under RSMo Ch. 353;

(2)

The Planned Industrial Expansion Law under RSMo Ch. 100;

(3)

RSMo Ch. 68 applicable to the creation and powers of a port authority; or

(4)

The Real Property Tax Increment Allocation Redevelopment Act, the Housing Authorities Law or the Land Clearance for Redevelopment Law, all under RSMo Ch. 99.

( Ord. No. 120779, § 1, 9-20-12 )