To reduce the occurrence of blight and its symptoms that threaten the security, stability, and growth of Memphis’ neighborhoods.
BAM exists to improve the quality of life for Memphians by leveraging its power to strategically acquire, hold, and transfer blighted properties to catalyze development, thereby, stimulating the local economy.
WHAT CAN BAM DO FOR MEMPHIS?
Land banks are uniquely designed to help reduce problem properties. The policies, priorities, and activities of a land bank must complement other community strategies and activities.
Comprehensively manage control of vacant properties throughout the city by serving as the city of Memphis Land Bank.
HOLDING / MAINTENANCE
Holds and manages properties in partnership with others in the community development ecosystem to aid in catalyzing redevelopment of formerly vacant properties.
BAM has the flexible ability to base the awarding of properties to responsible buyers based on outcome and not profit.
Historically, Memphis has experienced a loss in property tax revenues from the growing numbers of delinquent and abandoned properties and its haunting influence on the values of nearby properties. Many of these blighted properties remain stagnant due to the legal and financial burdens associated with the properties and continue to drain government resources while threatening the security and stability of the neighborhood.
In response to the growing blighted conditions in Memphis, on November 3, 2015, City Council established the Blight Authority of Memphis, Inc. (BAM) under Tennessee’s Local Land Bank Program (Tenn. Code Ann. §TCA 13-30). BAM is a quasi-governmental agency that exists to eliminate blight and restore the tax base through serving as the City of Memphis land bank. BAM works to reduce the occurrence of blight and its symptoms that threaten the security, stability, and growth of Memphis’ neighborhoods. By serving as intermediary, BAM leverages its legislated powers for land banking to restore formerly vacant properties back into productive use, eliminate barriers to redevelopment, and encourage economic activity to take place throughout Memphis.
Through land banking, BAM works to support disinvested neighborhoods threatened by high levels of vacancy by collaborating with nonprofit developers and responsible property owners to support the growth of prosperous, stable, and affordable communities.
HISTORY OF BAM
- The legislature enacted the Tennessee Local Land Bank Pilot Program in 2012
- In 2014, the legislature broadened the scope of this statute in eliminating its status as a “pilot” program and allowing a range of municipalities the local option of creating a land bank
- Memphis City Council established BAM in 2015 under Tennessee’s Local Land Bank Act
- Landbank received its incorporation status as a nonprofit in 2016
- Aligning the Tools: Addressing Vacant, Abandoned & Deteriorated Properties in TN created for BAM in 2017