Oak Ridge Land Bank Corporation

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The Oak Ridge Land Bank Corporation is hereby created pursuant to the authority of the Tennessee Local Land Bank Pilot Program set forth in Tennessee Code Annotated 13-30-101 et seq. By such statute, the Oak Ridge Land Bank Corporation has the authority to create a land bank for real property located with the boundaries of Oak Ridge. For purposes of this chapter, land bank means real property, however, obtained or acquired and held by the Oak Ridge Land Bank Corporation, with the intent of acquiring and holding on the real property so acquired until such time as the corporation is able to find a willing and able buyer to acquire the real property from the corporation.

The Oak Ridge Land Bank Corporation will consist of a seven (7) member Board of Directors who are electors and taxpayers in the City of Oak Ridge. One (1) member shall be a member of the City Council and preference may be given for persons with expertise in the fields of banking (including financing and property acquisitions); real estate (including marketing, appraisals, and assessments); and law (especially those with an interest in property law). If persons with such fields of expertise are not available, consideration should be given to persons with experience in residential construction, renovation, and/or rehabilitation; knowledge of the historic neighborhood stock, individual neighborhoods and community assets; knowledge in land bank functions; and experience in non-profit organizations; or if no individuals meet the aforementioned criteria, Council may appoint persons with the best attributable qualifications.

The terms of office are for three (3) years.