Wed
Oct 3 2018
02:57 pm

Tennessean: one year moratorium on TIFs: Mendes said the plan during this period will be for a new seven-member TIF Study and Formulating Committee, recently created via a separate ordinance by Mendes, to analyze and create recommendations for "a more transparent, equitable, effective and understandable" TIF system. The panel's work is expected to conclude in April.

bizgrrl's picture

As if Nashville needs to lure

As if Nashville needs to lure more development right now.

Andy Axel's picture

This doesn't put the brakes on

Metro giving away land or Metro offering PILOT incentives.

Nor does it preclude a TIF, it just makes it a requirement to pass more hurdles in order to fund one.

Bill Lyons's picture

Nashville and Knoxville have not approached this in the same way

It is worth noting that Nashville's approach is quite different from ours. We have purposely established our process such that not only the appointed housing and redevelopment authority, the KCDC Board, but also City Council and County Commission must approve any TIF request. As the history of discussion of TIFs on KnoxViews reveals, this has brought about detailed discussion and transparency regarding our process.

In Nashville MSDA, their housing and redevelopment authority, reviews specific TIF projects and has authority to approve them without taking the request to their Metro Council. We also require a third party review. Nashville does not, unless one has been enacted recently.

Memphis has made much greater use of PILOTs than TIFs. Their Council has also provided another entity (EDGE) the authority to review and approve PILOTs, again without Council approval. All of our PILOTs also are subject to Council approval. There is one major exception. We requested that Council provide the Mayor with the authority to sign off an all low income tax credit affordable housing PILOT requests. They unanimously agreed. This has been very helpful in providing some certainly and predictability to any affordable housing developer.

Andy Axel's picture

MDHA has enjoyed nearly

MDHA has enjoyed nearly unlimited discretionary spending authority and is essentially accountable to no one at Metro. And TIF has become a developer's honeypot -- recaptured tax revenue has until lately gone straight back into MDHA's asset column. Credit due to Council Member Bob Mendes who's been fighting for more transparency and for a greater percentage of development recapture to go back into the schools fund, among other things.

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