READ AND PASSED

This enacted measure changes the rules for Philadelphia Land Bank purchases of tax-delinquent properties at Sheriff’s sales. It requires the Land Bank to notify interested parties before using its authority to be the sole bidder, allows those parties to request open bidding, and gives the prior owner 60 days to seek to buy the property back by paying the Land Bank’s full bid amount.

Amending Chapter 16-700 of The Philadelphia Code, entitled "Philadelphia Land Bank," to allow interested parties to require open bidding when the Land Bank seeks to exercise special authority to acquire property at a Sheriff's sale and allow prior owners to redeem property when such special authority is exercised, all under certain terms and conditions.