IDB re‑induces $48M in revenue bonds for Dominion Encore affordable housing on Buena Vista
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Summary
The Industrial Development Board approved inducement of approximately $48 million in revenue bonds for the Dominion Encore affordable‑housing project on Buena Vista, authorizing the developer to pursue THDA funding and triggering a TEFRA public hearing; the motion carried and the chair recorded an indirect conflict and abstained.
The Industrial Development Board on March 4 approved an inducement resolution to re‑issue revenue bonds for Nashville Leased Housing 6 LLLP (Dominion Encore on Buena Vista), a proposed seven‑story affordable‑housing project presented by Ward, a Dominion development associate.
Ward said Dominion — a developer with several recent local projects — is asking the IDB to re‑induce approximately $48 million in bonds to support a roughly 244‑unit building on about 3½ acres near the river, with a majority of units targeted at 60% of area median income. Ward said Dominion has its capital stack lined up and expects to move quickly if THDA (Tennessee Housing Development Agency) awards funding; he estimated a relatively rapid permitting and ground‑breaking timeline if the project is funded.
Issuer's counsel and Metro Legal explained the timeline for federal TEFRA requirements and THDA submission: federal practice typically requires a seven‑day waiting period between inducement and the TEFRA hearing, after which the developer may submit documents to THDA and, if awarded credits/funds, return to the IDB for final bond resolution.
A motion to approve the inducement resolution was made, seconded and approved by the board; the record notes Chair Hodge stated he had an indirect conflict and chose to abstain. The board was informed the developer will return for final bond documents if THDA funding is awarded.
What happens next: after the IDB’s inducement vote the project team will hold a TEFRA hearing and submit documentation to THDA. If the project is awarded funding, Dominion will return to the IDB for a final bond resolution and closing.