Establishes procedures for municipalities to create land redevelopment trusts to revitalize blighted, abandoned, and tax-delinquent properties.

The bill allows municipalities to establish land redevelopment trusts to acquire and rehabilitate dilapidated, abandoned, and tax-delinquent properties. It outlines procedures for creating trusts, including governance by a board of directors and compliance with public records and meetings laws. The bill defines terms like "blighted" and "abandoned" and specifies that trusts cannot use eminent domain. It also details financing, property acquisition, and tax sale procedures, including a separate tax sale for trust-identified parcels.

Establishes procedures for municipalities to create land redevelopment trusts to revitalize blighted, abandoned, and tax-delinquent properties.

The bill allows municipalities to establish land redevelopment trusts to acquire and rehabilitate dilapidated, abandoned, and tax-delinquent properties. It outlines procedures for creating trusts, including governance by a board of directors and compliance with public records and meetings laws. The bill defines terms like "blighted" and "abandoned" and specifies that trusts cannot use eminent domain. It also details financing, property acquisition, and tax sale procedures, including a separate tax sale for trust-identified parcels.