1. Any county with more than one million inhabitants 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 county may establish a land bank agency by ordinance, resolution, or rule, as applicable. Such ordinance, resolution, or rule shall specify the name of the land bank agency. No county in which a land bank agency has been established under the provisions of sections 141.980 to 141.1015 shall elect to establish a land bank agency under this section.
2. Any municipality with more than one thousand five hundred inhabitants not located within a county with more than one million inhabitants 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. A municipality may establish a land bank agency by ordinance, resolution, or rule, as applicable.
3. A land bank agency shall not own any interest in real estate located wholly or partially outside the city that established the land bank.
4. A land bank agency shall be established for the purpose of returning land, including land that is in a non-revenue-generating, non-tax-producing status, to use in private ownership, or for public use.
5. A land bank agency created under the chapter 140 land bank act 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 140.1012.