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Industrial Development Board approves two Tennessee grant amendments, elects secretary-treasurer
Summary
At its Oct. 8 meeting the Industrial Development Board approved amendments to two Tennessee ECD pass-through grants (iHeartMedia and August Bioservices), elected Board Member Yankee as secretary-treasurer, and approved minutes with name corrections. The chair abstained on the grant votes and the election.
The Industrial Development Board approved amendments to two Tennessee Economic and Community Development (ECD) pass-through grants and elected a new secretary-treasurer at its Oct. 8 meeting, the board chair said.
The board unanimously approved amendments to the state grant accountability agreements for iHeartMedia and for August Bioservices, LLC, both of which the board said are pass-through awards from the state. The board also elected Board Member Yankee as secretary and treasurer. Board members approved prior meeting minutes with several name-spelling corrections.
The iHeartMedia amendment changes the compliance-period start date and baseline-report deadlines in the accountability agreement; Metro staff said the start date was changed from Jan. 1, 2020, to Dec. 2, 2019, and Exhibit B was updated to reflect that change. Metro legal told the board the amendment is administrative in nature and preserves the state’s ability to recapture funds if performance requirements are not met.
The August Bioservices amendment extends the compliance period and modifies how job-performance metrics are counted. Metro staff said the amended agreement allows a company to meet 90% of the performance requirement and still comply with the grant terms; staff explained the change responds to COVID-related slowdowns and adds a fourth year to the performance window in some cases.
Board members asked for clarity about how many jobs each grant represents for the public record. Metro staff said August Bioservices represents 180 jobs; iHeartMedia’s job count was not specified during the meeting and will be added to the minutes after follow-up. Metro Legal confirmed the documents are in order from a legal perspective.
Votes at a glance
- Approval of prior meeting minutes (with spelling corrections for Artesia and Forbes and Dominion): motion carried; chair recorded as abstaining.
- Election of secretary-treasurer — Board Member Yankee elected: motion to approve by Board Member Wright; second by Board Member Cordova; motion carried; Chair abstained.
- Approval of Tennessee ECD State Grant Amendment for iHeartMedia and Entertainment, Inc.: motion carried; second by Board Member Bright; Chair abstained. The amendment revises the compliance-period start date and baseline-report timing; the number of jobs represented was not specified during the meeting.
- Approval of Tennessee ECD State Grant Amendment for August Bioservices, LLC: motion carried; second by Board Member Van Reese; Chair abstained. Metro staff said this award represents 180 jobs and includes an extended compliance window and a 90% performance threshold in place of a prior 100% threshold.
Board members and staff repeatedly noted these grants are state funds that the board passes through; Metro staff and Metro Legal said the board’s role is to pass funds and ensure accountability under state law. Members asked that job counts and other performance details be recorded in the minutes for public clarity; staff agreed to follow up and include those details in the meeting record.
With the votes concluded, the board moved to other agenda items.
