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Committee advances bill to extend Nashville Tourism Development Zone funding, comptroller clarifies bond timing
Summary
The State and Local Government Committee advanced House Bill 2085, which extends the Nashville Tourism Development Zone(TDZ) funding authority to 2043 and creates a joint capital tourism board to allocate excess revenues; Comptroller Jason Mumpower told the committee that bond maturities funded by TDZ revenue may run until 2058 but that the 2058 date references bond life, not the TDZ sunset.
Whit Boyd, sponsor of House Bill 2085, told the State and Local Government Committee on April 13 that the bill would extend the Nashville Tourism Development Zone and create a joint capital tourism board to allocate excess revenues for tourism infrastructure.
"It will extend the date of the TDZ to the year 2043," Whit Boyd said, and the proposal would allow excess TDZ funds to support major expansions such as the Music City Center, a new mega-events fund, public safety and public-space cleanliness, and East Bank infrastructure.
Representative Bricken raised a question after reading what he said appeared in the fiscal note as an extension to 2058. The committee went out of session to hear from Jason Mumpower, comptroller of the Treasury. Mumpower told members the amendment extends the TDZ itself to 2043, while the referenced 2058 date applies to bond maturities that may be paid off using revenue collected while the TDZ is in effect.
"The 2058 extension is not at all related to the life of the TDZ," Mumpower said, clarifying that bonds issued for TDZ-funded projects could have repayment schedules extending past the TDZ sunset.
After the clarification, the committee voted to forward House Bill 2085 to the Government Operations calendar. The clerk reported the recorded vote as 18 "Aye" with two members present but not voting.
The bill, as discussed in committee, would also create a joint capital tourism board whose members would be appointed by the speakers and the governor and include metro officials to oversee the use of excess tourism revenues. The sponsor said the board would guide how funds are used for attracting and promoting significant tourism events and infrastructure upgrades.
Next steps: House Bill 2085 will be considered next on the Government Operations calendar; the committee did not adopt a final funding list in committee and members deferred to subsequent review for detailed fiscal impacts.
