The Memphis Metropolitan Land Bank Authority might need a "pretty broad overhaul" of its operations in the coming future, Memphis Mayor Paul Young said during a press availability Monday morning.
Young's media availability on Oct. 5 came a week after the land bank fired its now-former CEO Michael O. Harris over allegedly misusing the organization's credit card. During the same Sept. 23 meeting when the land bank fired Harris, the land bank's chair Justin Gillis said "at the end of June we essentially ran out of money" and the "decision was made to lay off our staff." Gillis went on to say "at this point we still do not have the funding for any staffing."
"My major concern with the [Memphis] Metropolitan Land Bank is that we need it as an important
part of our redevelopment strategy as we look to get 10,000 housing units developed in the core of our city by 2030," Young said during the press conference.
"We need that partner agency that's going to be able to hold land as it is being prepared for redevelopment."
The Community Redevelopment Agency is currently doing the bulk of that work, Young said. Despite that, he said he believed the land bank needs to be a "core partner" in the city's development efforts.
The land bank is a nonprofit established by Memphis City Council and is funded by the City of Memphis, making it a quasi-governmental organization.
Financial state in question
Details of Harris' firing have not been publicly released as of this article's publication, but the land bank said during its Sept. 23 meeting when it fired Harris that it was also out of funding. Young, during the Oct. 5 press conference, acknowledged that and said he was waiting for a full report of the land bank's financial condition before proceeding.
"They've run out of revenue," Young said. "I think we have to have a complete look at the organization as a whole. Right now, you know, they're working through all of their internal issues and they'll report back to us. But I think it's going to take a pretty broad overhaul of how they're operating and how they're generating revenue as an organization."
Lucas Finton covers crime, policing, jails, the courts and criminal justice policy for The Commercial Appeal. He can be reached by phone or email: (901)208-3922 and Lucas.Finton@commercialappeal.com, and followed on X @LucasFinton.
This article originally appeared on Memphis Commercial Appeal: Memphis mayor says land bank needs 'broad overhaul' after firing CEO
