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East Bank Development Authority approves intergovernmental agreement, accepts assignment of development contracts
Summary
The East Bank Development Authority voted to approve an intergovernmental agreement with Metro that assigns land, employees and key development contracts (Fallon MDA, HDR, AECOM and Kimley Horn) to the authority; the motion passed by unanimous voice vote with no abstentions recorded.
The East Bank Development Authority voted to approve an intergovernmental agreement (IGA) with Metro Nashville that assigns assets, employees and a set of existing development contracts to the authority.
Ben York, the authority’s chief executive officer, summarized the agreement as transferring 30 acres of IDA parcels, the 29.5 acres where the authority's office sits, and several contracts and responsibilities previously held by Metro. The contracts to be assigned include the Fallon master development agreement (MDA), the Kimley Horn civil engineering contract, the AECOM boulevard contract, and the HDR program management contract, along with coordination and parking agreements tied to the stadium.
Counsel and staff described additional terms embedded in the MDA that will govern future ground leases, development milestones, affordable‑housing requirements and infrastructure responsibilities. The MDA requires a minimum residential program, including at least 695 income‑restricted units across the development and specific affordable‑housing buildings; it also contains provisions for ground leases, rent appraisal formulas and obligations for property taxes under future ground leases.
Board members asked about funding and schedule. York said the authority is pursuing a mix of funding sources and grant opportunities to stretch available dollars and that schedule and cost allocation for large infrastructure (including portions of the boulevard) remain to be determined. "That's one of our daily jobs is trying to figure out what needs to be done and then how do we pay for it," York said.
The board considered a motion to approve the IGA. A motion to approve was moved and seconded and the chair called for a voice vote. "All in favor? Aye," the record shows; staff reported there were no abstentions and the motion "prevails." The board approved the IGA and, through that vote, authorized assignment of the described contracts and assets to the East Bank Development Authority.
Meeting participants also discussed legal representation. Counsel noted Saul had been engaged specifically to advise on the IGA; board members and staff agreed to meet with Saul and his team to clarify the scope of his engagement moving forward and to return to the board with an update at the next meeting.
Next steps: the authority will receive the assigned contracts and assets, continue discussions on funding and capital plans (Schedule F and other budgets were discussed but several amounts remain to be finalized), and staff and counsel will return to the board with recommendations for ongoing legal representation and additional contract approvals as required.
