MOUNT VERNON — The board of the newly-formed Knox County Land Bank will set the sale price of properties it takes through a court order.
The land bank held its organizational meeting Wednesday, approving a plan and code of regulations. Neither give specifics as to setting a price for properties that the land bank takes ownership of, and decides to sell.
Jeffry Harris, Knox County Area Development Foundation president, said it will be up to the land bank’s board to decide on a sale price, and to choose the buyer. The land will not be subject to a bid process or public auction.
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