§ 13-30-101. Short Title
This chapter shall be known and may be cited as the “Tennessee Local Land Bank Program.”
§ 13-30-102. Legislative Findings
The legislature finds and declares as follows: Tennessee’s communities are important to the social and economic vitality of the state. Whether urban, suburban or rural, many communities are struggling to cope with vacant, abandoned and tax-delinquent properties; There exists a crisis in many cities and their metro areas caused by disinvestment in real property and […]
§ 13-30-103. Chapter Definitions
As used in this chapter, unless the context clearly indicates otherwise: “Board of directors” or “board” means the board of directors or other similar governing body of the corporation; “Corporation” means a corporation created pursuant to this chapter to operate a land bank; “Land bank” means real property, however obtained or acquired and held by […]
§ 13-30-104. Creating Corporation — Funding
Any local government shall have the authority to create a corporation which is authorized to operate a land bank within the jurisdictional boundaries of the local government establishing the corporation. The corporation is declared to be performing a public function on behalf of the local government with respect to which the corporation is created and […]
§ 13-30-105. Board of Directors
The corporation shall have a board of directors in which all powers of the corporation shall be vested. Such board shall consist of any number of directors, no fewer than five (5), all of whom shall be duly qualified electors of and taxpayers in the creating local government or local governments. The creating local government […]
§ 13-30-106. Quorum for Transaction of Business — Officers — Rules and Regulations — Removal of Board Members — Compensation — Meetings — Majority Approval for Actions of the Board — No Proxy Voting
A majority of the board of the corporation shall constitute a quorum for the transaction of any business. Unless a greater number or percentage is required by state law, the vote of a simple majority of the directors present at any meeting at which a quorum is present shall be the action of the corporation. […]
§ 13-30-107. Corporate Authority to Create Land Bank for Real Property — Compliance With State Law, Ethical Standards, and Open Records Provisions
The corporation, once created, shall have the authority to create a land bank for real property located within the boundaries of the creating local government or local governments. No rules or bylaws created by the corporation may contravene state law. All board members, appointees, employees and/or paid advisors of the corporation created, appointed or employed, […]
§ 13-30-108. Contracts and Agreements
The corporation may enter into contracts and agreements with the creating local government or local governments for staffing services to be provided to the corporation by such local governments or agencies or departments thereof.
§ 13-30-109. Corporate Powers
The corporation shall have the power, as limited by the legislative body of the creating local government or local governments, to: Adopt, amend and repeal bylaws for the regulation of its affairs and the conduct of its business; Sue and be sued in its own name and plead and be impleaded in all civil actions, […]
§ 13-30-110. Acquisition and Maintenance of Real Property and Interests in Real Property
The corporation may acquire real property or interests in real property for the land bank by gift, devise, transfer, exchange, foreclosure, purchase, or otherwise on terms and conditions and in a manner the corporation considers proper. The corporation may acquire real property by purchase contracts, lease purchase agreements, installment sales contracts or land contracts, and […]
§ 13-30-111. Corporation to Hold Property — Maintenance and Availability of Inventory of Real Property — Policies and Procedures Regarding Consideration to Be Received for Transfers of Property — Hierarchical Ranking of Priorities for Use — Voting and Approval Requirements
The corporation shall hold in its own name all real property acquired by the corporation for the land bank irrespective of the identity of the transferor of such property. The corporation shall maintain and make available for public review and inspection an inventory of all real property held for the land bank. In addition to […]
§ 13-30-112. Keeping of Minutes and Records — Reports — Annual Audit
The board shall cause minutes and a record to be kept of all its proceedings and such records shall be available for timely public inspection. All meetings shall be open to the public with appropriate notice published in accordance with § 13-30-107(d). The board shall publish a report on an annual basis to its creating […]
§ 13-30-113. Dissolution of Corporation
A corporation created pursuant to this chapter may be dissolved in the manner established by the creating local government or local governments or otherwise in accordance with general law for the dissolution of a public corporation.
§ 13-30-114. Conflicts of Interest
No member of the board or employee of a corporation shall acquire any interest, direct or indirect, in real property acquired or held by the corporation. No member of the board or employee of the corporation shall have any interest, direct or indirect, in any contract or proposed contract for materials or services to be […]
§ 13-30-115. Liberal Construction
This chapter shall be construed liberally to effectuate the legislative intent and the purposes as complete and independent authorization for the performance of each and every act and thing authorized by this chapter, and all powers granted shall be broadly interpreted to effectuate the intent and purposes and not as a limitation of powers. Except […]
§ 13-30-116. Exemption From State Taxes — Payment of Unpaid Taxes — Proceeds of Sales — Revenue
In accordance with §§ 67-5-2505 [repealed], 67-5-2507, 67-5-2508, 67-5-2509, and [former] 67-5-2514, the corporation is exempt from any state taxation. Additionally, the corporation has the power to pay any unpaid taxes due and owing by the owner of record of the real property, or make any government mandated improvements to the property, in exchange for […]
§ 13-30-117. Action to Quiet Title
A corporation shall be authorized to file an action to quiet title as to any real property in which the corporation has an interest. For purposes of any and all such actions, the corporation shall be deemed to be the holder of sufficient legal and equitable interests, and possessory rights, so as to qualify the […]
§ 13-30-118. Appeal Procedure — Appeals Committee
The creating local government or local governments shall establish an appeal procedure as described in this section for any person aggrieved by the decision of the corporation with respect to real property proposed for acquisition or acquired by, held and disposed of by the corporation for the land bank. The legislative body of the local […]
§ 13-30-119. Monitoring of Corporation by Comptroller of the Treasury
The comptroller of the treasury shall monitor the actions of the corporation for a period of three (3) years from the date the corporation is created. No later than March 1st following the end of the third year of the creation of the corporation, the comptroller shall file a report with the governor and the […]
§ 13-30-120. Corporation Not to Own, Hold, Maintain or Manage Real Property Acquired Through Eminent Domain
Notwithstanding any provision of this chapter to the contrary, a corporation created pursuant to the chapter shall not own, hold, maintain, or manage any real property acquired through eminent domain by any county or municipality of this state.