Common use of Acquisition of Property Clause in Contracts

Acquisition of Property. 1. The Erie County Land Bank (“Land Bank”) shall only acquire property in the Municipality when each of the Municipality, the County and the School District have entered into an Intergovernmental Cooperation Agreement with the Land Bank providing: a. That, except for compelling cause shown, the municipal taxing authorities will discharge all liens and other back charges against the property upon request following acquisition by Land Bank. b. That the property will be held by Land Bank tax-free until such time as it is conveyed for redevelopment, at which time it will return to the tax rolls at full assessed value. c. That an allocation equal to fifty percent (50%) of property tax revenue received by the municipal taxing authorities during a period of five (5) years once the property acquired is returned to the tax rolls following the date of conveyance from the Land Bank shall be paid to Land Bank in order to support future activity. At the conclusion of the five year period, all tax revenue shall belong to the taxing authorities, and Land Bank's involvement will terminate. 2. When Land Bank acquires residential properties that are occupied at the time of acquisition, it is the policy of Land Bank to show a preference for keeping the former owner-occupants in the property, whenever feasible. 3. Before acquiring property in any Municipality, Land Bank shall obtain written consent from the designated representative of such Municipality.