Sec. 2. (a) The legislative body of an eligible unit may adopt an ordinance:
(1) establishing a body corporate and politic; or
(2) directing the executive of the eligible unit to organize a nonprofit corporation under IC 23-17;
as an independent instrumentality exercising essential governmental functions. The primary purpose of an entity established under this subsection is to manage and improve the marketability of distressed real property located in the territory of the eligible unit.
(b) The legislative body shall specify the following in the ordinance:
(1) The name of the entity.
(2) The number of board members, subject to section 4 of this chapter.
(c) The territory of a land bank established by a county is all the territory of the county, except for the territory of any second class city or third class city in the county that has established a land bank.
As added by P.L.211-2016, SEC.1. Amended by P.L.85-2017, SEC.125; P.L.110-2017, SEC.5.
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