2003 House Bill 4483 ↩

Senate Roll Call 636: Passed

To authorize the establishment of a Michigan Land Bank Fast Track Authority, and of county and municipal land banks in Detroit and certain other multi-jurisdictional districts, which would have the power to assemble and dispose of tax reverted property. All property, income, and operations of a land bank would be exempt from taxation by the state or other government entity. An authority could assemble or dispose of tax reverted property in a coordinated manner, and establish procedures to acquire and gain clear title to the tax reverted properties. It would be granted extensive powers to acquire real or personal property by gift, devise, transfer, exchange, foreclosure, purchase, etc.; and to own, lease out, convey, demolish, relocate, or rehabilitate real or personal property. The bill is part of a legislative package comprised of House Bills 4480 to 4484, and House Bill 4488.