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IDB adopts intent-to-reimburse resolution for Wildflower Development using special-assessment financing
Summary
The board adopted an intent-to-reimburse resolution that preserves the option to include the Wildflower Development's first phase in a new Tennessee special-assessment financing program; the resolution does not obligate the city but preserves tax-law timing for potential reimbursement if special-assessment debt is later issued.
The Industrial Development Board approved a resolution stating its intent to reimburse developer-incurred public-infrastructure costs for the Wildflower Development, a residential project on the former Cigna site, if the city later approves special-assessment financing and special-assessment debt is issued. Hanneke VanDerson, director of housing finance for the city, explained the new tool authorized by state law (identified in the transcript as the Real Estate Infrastructure Act of 2025 and as a successor to earlier residential-infrastructure legislation) that lets developers use long-term tax-exempt bond financing secured by special assessments to…
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