The Memphis Metropolitan Land Bank Authority (MMLBA) is a quasi-governmental nonprofit agency established in 2015 by the Memphis City Council as a local land bank, within the meaning of the Tennessee Local Land Bank Program, Tenn. Code Ann. § 13-30-101.
As a real estate development entity designed to eliminate blight and restore the tax base, its mission is to transform blighted properties into economic opportunities.
MMLBA’s Land Banking Authority is granted by Tenn. Code Ann. § 13-30-110. This statute grants the following authority:
- 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 ’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’s current strategic focus areas are:
- Serving as the land acquisition entity for the redevelopment consortium of partners.
- Increasing direct operations with City and County to carry out executive initiatives and strategies for elimination of blight
- Developing Blight Elimination Strategy to be implemented in conjunction with Memphis 3.0 plan.
- Developing strategic partnership with all CDCs to assist them with developing blight elimination
- strategies, and assisting them with land development opportunities and initiatives
- Develop a marketable real estate portfolio for the benefit of ’s constituency.