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Committee hears $300 million IGA to fund East Bank projects, defers vote for further review
Summary
Council committee heard staff explain a $300,000,000 appropriation to the East Bank Development Authority for boulevard, bridge and utilities work and the bond-refunding structure that funds it; after questions the committee voted to defer action one meeting for budget-and-finance review.
Janine Reed, director of finance, told the council committee that the legislation before them includes “an appropriation of $300,000,000 that will be moved to East Bank Development Authority.” She said that money is intended for James Robertson Parkway, Marine Drive and Cowan Extension, the Music City Mile pedestrian bridge, utilities and infrastructure, and open/green space, and that the funds would be “spent mostly before 2030.”
Reed explained the funding mechanism is tied to a bond refunding: revenue streams identified in the ordinance (tourism development zone receipts, hotel-occupancy and other convention-related taxes) currently flow to the convention center and are pledged to the original 2010 bonds; state legislation extends some timelines and the plan is to refund bonds so Metro can release its backstop. Reed also told members staff will provide a breakdown of TDZ collections and related modeling. After extensive questions about timelines, revenue breakdowns and bonding mechanics, the committee voted to defer action one meeting so budget-and-finance can present detailed financial analysis.
