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Committee advances bill to extend Nashville TDZ to 2043, funds mega-events and East Bank infrastructure
Summary
The Cities and Counties Subcommittee voted 7-0 to advance House Bill 2085, which would extend the Music City tourism development zone's end date to 2043, create a joint capital tourism board to oversee excess revenues and direct funds to a Music City Center expansion, a mega-events fund, public safety and East Bank infrastructure.
The Cities and Counties Subcommittee voted 7-0 to advance House Bill 2085, which would extend the tourism development zone (TDZ) that supports the Music City Center to 2043 and create a joint capital tourism board to manage excess revenues.
"It would not raise any taxes," said Whip Boyd in describing the amendment that the subcommittee adopted before moving the bill forward. Boyd told members the board would include appointees from the legislative leadership, the governor and metro officials and would determine uses for any excess revenues.
The sponsor said excess funds could finance a major expansion of the Music City Center if approved by the state building commission, seed a mega-events fund to attract Super Bowls and other championships, and provide money for public safety and East Bank infrastructure tied to the new stadium and local development. "It would create a mega events fund that would attract, promote, and host significant tourism events such as Super Bowls, WrestleMania, NCAA championships," Boyd said.
Jason Mumpower, Comptroller of the Treasury, told the committee the measure would not jeopardize bond repayment plans related to the convention center and that mandatory reserves would be maintained. "No, it doesn't does not affect him. The repayment plan continues," Mumpower said when asked about bond impacts.
The committee adopted amendment 016922 by voice and then recorded a roll call of 7 ayes and 0 nos to move House Bill 2085, as amended, to the next available State & Local Government calendar.
