SB1478

Oklahoma SB1478 creates the Oklahoma Land Bank Act, establishing land banks to manage and redevelop unimproved real property.

Oklahoma SB1478, the Oklahoma Land Bank Act, establishes a framework for municipalities to create land banks. These entities acquire, hold, and transfer unimproved real property for redevelopment. The act outlines the creation, powers, and operations of land banks, including the authority to enter contracts, issue bonds, and engage in interlocal cooperative agreements. Land banks are exempt from state and local taxes, and their real property and income operations are also tax-exempt.