IDB approves inducement resolution for Dominion’s Liberty Lane apartments near Rivergate
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Summary
The Industrial Development Board approved an inducement resolution for Dominion’s proposed Liberty Lane Apartments, a roughly 240‑unit affordable development zoned for about 60% AMI with income averaging across 50/60/70 AMI bands; the board was briefed on unit mix, family‑oriented amenities and local engagement before carrying the motion.
The Industrial Development Board voted on Nov. 12 to approve an inducement resolution for Nashville Leased Housing Associates 7 LLLP / Dominion Acquisitions LLC, the Liberty Lane Apartments project near the Rivergate Mall redevelopment area.
Austin Holmes, a Dominion representative, told the board the site is zoned for about 240 units and the developer intends to use income averaging “right at that 60% area median income level” with units set in 50%, 60% and 70% AMI bands. Holmes described a design that prioritizes family‑sized two‑ and three‑bedroom apartments, on‑site amenities such as a clubhouse and pool, and resident support programs (scholarships and internships) intended to improve outcomes for tenants.
Board members asked about unit sizes and the possibility of four‑bedroom units; Dominion said four‑bedroom units are harder to fit in wrap‑style construction but acknowledged family demand and noted Trinity Lane’s larger site will accommodate more four‑bedroom units. Corbin, issuer’s counsel, reminded the board that an inducement authorizes a TEFRA hearing under the Internal Revenue Code and that inducements typically have a 4–6 month expiration; counsel said extensions can be drafted if the closing timeline requires it.
The board moved and seconded approval of the inducement resolution. The motion carried; the chair recorded an abstention. The inducement does not commit the board to a final bond closing — Dominion must return when the financing is structured and the final bond resolution is presented.
Dominion representatives said the inducement is the first formal step in a multi‑stage financing and that they expect to continue working with Metro staff and council members on timing and community benefits.
