[Adopted 8-17-2022 by Ord. No. 5-2022]
The Mayor is authorized and directed to execute and enter into the intergovernmental cooperation agreement with the participating parties to create the Lower South Valley Land Bank, in substantially the form attached hereto and incorporated herein as Exhibit A ( the "Agreement")[1] and to take any and all further actions necessary to implement and comply with the terms of said Agreement.
[1]
Editor's Note: Said agreement is on file in the City offices.
The Agreement provides that the Land Bank shall acquire real property located within the City of Nanticoke and for the management, development, sale, leasing, and/or financing of any such properties. The Agreement further provides for the treatment of real estate taxes both prior to acquisition and during ownership of said real estate by the Land Bank and for distribution of taxes following the sale of said real estate by the Land Bank.
The City Council of the City of Nanticoke authorizes payment of funds in accordance with Section 8.2.A of the Agreement.
The term of the Agreement is perpetual with any party being able to terminate the Agreement upon 90 days' written notice.
Provisions regarding the purpose and objectives of the Agreement, including the powers and scope of authority delegated thereby, the manner and extent of financing, the organizational structure to implement its terms, and further information regarding the manner in which real property shall be acquired, managed, licensed, or disposed of are set forth in the Agreement, the terms of which are incorporated herein. The Agreement includes a statement that the Land Bank shall be empowered to enter into contracts for policies of group insurance and employee benefits, including social security, for its employees.
All ordinances or resolutions or parts of ordinances or resolutions insofar as they are inconsistent herewith are hereby repealed and rescinded.
In the event any provision, section, sentence, clause, or part of this article shall be held to be invalid, such invalidity shall not affect or impair any of the remaining provisions, sections, sentences, clauses, or parts of this article, it being the intent of the City of Nanticoke that the remainder of this article shall be and shall remain in full force and effect.
This article shall become effective as provided by the laws of the Commonwealth of Pennsylvania and the City of Nanticoke Home Rule Charter.