Land banks; right of first refusal for tax delinquent parcels.

Land banks; right of first refusal fortax delinquent parcels. Requires localities that have establisheda land bank to establish a procedure whereby the land bank shall have a right of first refusal for tax delinquent parcels prior tosuch property being sold at auction. The price for any such purchaseby the land bank shall be $1 and any court and transaction expenses.If a land bank exercises its right of first refusal to purchase aproperty from the locality and, in the judgment of the locality,fails to begin rehabilitation of the property or fails to take otheraction to cause reuse of the property within one year, such as transferringthe property to a nonprofit entity, ownership of the property shallrevert back to the locality. These provisions may be utilized forany parcel with a value that does not exceed 80 percent of the medianvalue of parcels in the locality.