141.980.  Land bank agency may be established, when — taxing authorities to be beneficiaries — agency is a public body corporate and politic. — 1.  (1)  Sections 141.980 to 141.1015 shall be known and may be cited as the "Chapter 141 Municipal Land Bank Act".

  (2)  Any municipality located wholly or partially within a county electing to operate wholly under the provisions of sections 141.210 to 141.810 may establish a land bank agency for the management, sale, transfer, and other disposition of interests in real estate owned by such land bank agency.  Any such land bank agency created shall be created to foster the public purpose of returning land, including land that is in a nonrevenue-generating, nontax-producing status to use in private ownership or for public use.  Such land bank agency shall be established by ordinance or resolution as applicable.  Such land bank agency shall not own any interest in real estate that is located wholly or partially outside such establishing municipality.  No municipality in a partial opt-in county is eligible to establish a land bank agency under this section.

  2.  The beneficiaries of the land bank agency shall be the taxing authorities that held or owned tax bills against the respective parcels of real estate acquired by such land bank agency pursuant to a deemed sale under subsection 3 of section 141.560, by deed from a land trust under subsection 1 of section 141.984, or pursuant to a sale under subdivision (2) of subsection 2 of section 141.550 included in the judgment of the court, and the beneficiaries' respective interests in each parcel of real estate shall be to the extent and in the proportion and according to the priorities determined by the court on the basis that the principal amount of the beneficiaries' respective tax bills bore to the total principal amount of all of the tax bills described in the judgment.

  3.  Each land bank agency created pursuant to this chapter shall be a public body corporate and politic, and shall have permanent and perpetual duration until terminated and dissolved in accordance with the provisions of section 141.1012.