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") and to take any and all further actions necessary to implement
and comply with the terms of said Agreement.
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insofar as they are inconsistent herewith are hereby repealed and
rescinded.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.