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IDB approves five-year extension for Riverwalk easement commencement period
Summary
The Industrial Development Board voted by voice to ratify a first amendment extending the commencement period for a Riverwalk easement tied to a North Access Road TIF transaction; the board also approved its December minutes by voice vote.
The Chattanooga Industrial Development Board voted by voice to ratify a first amendment to a Riverwalk easement agreement with NRC LLC that extends the period to commence substantial material construction and finalize the permanent easement area by five years.
Jermaine Freeman, representing Mayor Kelly’s office, told the board the amendment responds to timing needs tied to the North Access Road tax-increment financing (TIF) transaction and would allow more time to build a greenway on the north side of the Tennessee River, eventually connecting to Greenway Farms. “The developers are providing the land,” Freeman said, and construction funding for the greenway would come from the city.
A board member confirmed there is no additional payment by the city or the IDB for the extension; Freeman said the easement was pledged as a community benefit as part of the original TIF transaction. Germaine (staff) provided a map for minutes to show the location.
A board member moved to approve the resolution; another member seconded. The chair called for a voice vote: “All in favor, say aye.” Board members responded “Aye.” “Any opposed?” None were raised. The chair announced the resolution passes.
Earlier in the meeting the board also approved the minutes of its Dec. 2, 2024 meeting by voice vote.
The board received an FYI that the 20‑year allocation period for certain parcels within the North Access Road / North River Commerce Center TIF is being started for specified parcels, and learned staff would return to the board with clarified debt‑obligation reports (items B and C) at a subsequent meeting.
Votes at a glance - Motion to approve minutes of Dec. 2, 2024: approved by voice vote (chair called for “aye,” no opposition recorded). - Resolution ratifying first amendment to Riverwalk easement agreement with NRC LLC (extend commencement period five years): approved by voice vote (chair called for “aye,” no opposition recorded).
The board adjourned after completing the agenda.
