140.986 Productive use of property, time period to show — extension, when — public ...

140.986. Productive use of property, time period to show — extension, when — public sale, when. — 1. No later than five years from the date it acquired the property, a land bank agency shall either sell, put to a productive use, or show significant progress towards selling or putting to a productive use a parcel of real property. A productive use may be demolishing all structures of the property or using the property for a community garden, park, or other open public space. No later than eight years from the date it acquired the property, a land bank agency shall sell, clear, or put such property to public use. 2. The governing body of the county or municipality may grant the land bank agency a one-year extension if the body determines by a majority vote that unforeseen circumstances have delayed the sale or productive use of a parcel of property. 3. If a land bank agency owns a parcel of real property that does not have a productive use after five years, or does not receive an extension under subsection 2 of this section, the property shall be offered for public sale using the procedures under sections 140.170 to 140.190 . (L. 2019 H.B. 821, A.L. 2024 H.B. 2062)