The proposed bill amends the Nebraska Municipal Land Bank Act to improve the governance and operational capabilities of land banks. It mandates that land bank boards consist of an odd number of at least seven voting members, with specific residency requirements and relevant expertise in community development and real estate. The bill clarifies the removal process for board members and ensures that a majority of them reside within the municipality where the land bank operates. Additionally, it expands the powers of land banks to engage in partnerships and joint ventures for property management and development, while allowing for longer lease terms under certain conditions. Importantly, the bill maintains that land banks cannot levy property taxes or exercise eminent domain.

Further amendments include new restrictions on land banks regarding the acquisition of commercial properties, which must be either vacant for at least three years or designated as nuisances by the municipality. The bill also sets limits on the percentage of parcels a land bank can own based on the city's classification. It requires agreements with nonprofit corporations or private entities to include a community benefits agreement if properties are held for over a year and updates reporting requirements to quarterly and annual reports detailing property ownership, financial transactions, and compliance with conflict of interest regulations. Overall, these changes aim to enhance transparency, accountability, and community focus in the operations of land banks in Nebraska.

Statutes affected:
Introduced: 18-3405, 18-3407, 18-3408, 18-3410, 18-3413