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IDB defers bond allocation item after THDA delay; board introduces issuer’s counsel
Summary
An agenda item tied to tax-credit and bond allocations was removed after the Tennessee Housing Development Agency had not released allocations; the board introduced issuer’s counsel (Charles and Corbin Carpenter) and staff reviewed recent bond policy updates and project status.
The Industrial Development Board deferred an agenda item tied to volume cap and tax-credit allocation after the Tennessee Housing Development Agency (THDA) had not released its round-two awards, the board chair said at the Oct. 8 meeting.
Issuer’s counsel Charles and Corbin Carpenter of Memphis were introduced to new board members and described as part of a roster of firms chosen after an RFP process. Metro staff said the Carpenters and other legal firms have assisted the board as issuer’s counsel on recent bond financings.
Metro staff said THDA controls volume cap and tax-credit allocations in Tennessee, and that release of round-two awards had been delayed for several reasons, including components affected by the federal government shutdown. Metro staff said the agency’s allocation announcement was imminent but had not been received; the developer must complete steps including payment confirmations before the project can proceed. Metro staff said they were prepared to move immediately once THDA completes its process.
Staff and counsel reminded the board that the Industrial Development Board updated its bond policies about two years earlier to better handle anticipated bond activity; Metro staff said those updates aided recent and current financings. The chair also briefed the board on recent local projects financed or supported by the board, including a Cumberland Housing recovery center dormitory in West Nashville that is on schedule for a late-year opening, and an innovation lab project being developed on Vanderbilt University’s campus that the chair said will create 38 jobs and represents a $4,500,000 private investment.
Because the THDA allocation and tax-credit confirmation were not completed, the related agenda item was removed from the day’s agenda; staff said they would return the matter once allocations and payments were finalized. The chair also warned that, toward year-end, the board might need to schedule an additional meeting outside the regular calendar to accommodate time-sensitive items.
No formal vote was taken on the deferred allocation item; the board’s issuer’s counsel introduction and policy updates were informational.
