§ 74-78. Property acquisition.

(a)

Methods of acquisition. Subject to the limitation set forth in section 74-71, and in addition to the properties acquired pursuant to section 74-76, a land bank agency may acquire real property or interests in property by:

(1)

Gift, devise, transfer, exchange, foreclosure, lease, purchase, or otherwise on terms and conditions and in a manner the land bank agency considers proper;

(2)

Purchase contracts, lease purchase agreements, installment sales contracts, and land contacts, and may accept transfers from political subdivisions upon such terms and conditions as agreed to by the land bank agency and the political subdivision;

(3)

Bidding on any parcel of real estate offered for sale at a sheriffs foreclosure sale held in accordance with RSMo § 141.550 provided that if the bid is not a deemed bid under subsection 3 of RSMo § 141.560, such parcel must be located within a low to moderate income area designated as a target area for revitalization by the city, which shall include, but are not limited to those areas designated under its consolidated plan submitted from time to time to the federal government; and

(4)

Transfer from any political subdivision to the land bank agency of real property and interests in real property of the political subdivision on such terms and conditions and according to such procedures as determined by the political subdivision.

(b)

Confirmation process for competitive bids. Upon confirmation under RSMo § 141.580 of a sheriffs foreclosure sale of a parcel of real estate to a land bank agency under subdivision (2) of subsection 2 of RSMo § 141.550, said land bank agency shall pay the amount of the land bank agency's bid that exceeds the amount of all tax bills included in the judgment, interest, penalties, attorney's fees and costs then due thereon. Such excess shall be applied and distributed in accordance with subsections 3 and 4 of RSMo § 141.580, exclusive of subdivision (3) of subsection 3 thereof. Upon such confirmation by the court, the collector shall mark the tax bills included in the judgment as "canceled by sale to the land bank" and shall take credit for the full amount of such tax bills, including principal amount, interest, penalties, attorney's fees, and costs, on his books and in his statements with any other taxing authorities.

(c)

Title. A land bank agency shall hold in its own name all real property acquired by such land bank agency irrespective of the identity of the transferor of such property.

( Ord. No. 120779, § 1, 9-20-12 )