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Staff to draft industrial development board ordinances after long briefing on TIF, PILOT and REIDA
Summary
City staff briefed the commission on tax-increment financing, payment-in-lieu-of-taxes and the 2025 Real Estate Infrastructure Development Act, and commissioners gave direction to move forward with drafting an industrial development board ordinance for further review.
City staff gave an extended technical briefing on April 6 outlining several economic-development tools — tax-increment financing (TIF), payment‑in‑lieu‑of‑tax (PILOT) arrangements via industrial development boards (IDBs), and the new Real Estate Infrastructure Development Act — and asked the commission whether staff should proceed drafting ordinances to create a local IDB.
The presenter told the commission these tools are statutory mechanisms for financing public infrastructure related to new development; staff emphasized statutory petition and public-hearing requirements and noted that, under Tennessee law, the process has built-in…
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