(MEMPHIS, TN) April 11, 2023. Blight Authority of Memphis (BAM), established by the City of Memphis as a local land bank authority, announced today that it has changed its name to Memphis Metropolitan Land Bank Authority (MMLBA). After a careful review of the programmatic objectives and goals of the program, and as an effort to provide a lucid description of the agency’s duties and responsibilities to the city and to its constituents, it was determined by the Board of Directors of BAM to be renamed and rebranded. On March 1, 2023, the Board of Directors voted to accept and approve this determination.
The primary purpose for the establishment of the MMLBA was to serve as a tool to support economic revitalization through returning blighted properties, vacant properties, abandoned properties, and tax-delinquent properties to productive use. “We are so excited to have the support of Mayor Strickland and the City of Memphis, as we work with nonprofits, for-profits, and communities across this great City to build a better Memphis – together,” said Michael O. Harris, Executive Director.
Formed by the Memphis City Council in 2015, MMLBA’s mission is to Transform blighted parcels into economic opportunities. MMLBA plans to continue to support communities across Memphis by way of its Adopt-A-Lot and Land Depository programs, in addition to its acquisition and disposition processes for equitable community redevelopment. T.C.A. 13-30-110 allows MMLBA to do the following:
- Acquire properties at the tax auction sale for either the minimum bid (regardless of whether there are higher bids) or at no cost (in the absence of other bids)
- Bulk Quiet Title Action
- Hold properties in its inventory tax-exempt
- Dispose of properties in accordance with MMLBA’s mission and policies for cash consideration, and for non-cash consideration including agreements related to the future use of the property
- Receive payments of up to 50% of real property taxes collected for five years on properties returned to the tax rolls by MMLBA