[{"_1":2,"_112":-5,"_113":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88,100],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6239973,"mediaKeyId","3332971-9c96401dd20f21214ff46052ba1866cf","parentId",3332971,"title","Industrial Development Board reviews Rivergate Mall TIF economic impact plan; Metro Council approval next step","audioSeconds",2497,"startMs",3278000,"endMs",5775000,"viewUrl","/Search/View?dp=1&key=3332971-9c96401dd20f21214ff46052ba1866cf&start=3278&end=5775","thumbnailUrl","https://assets.pipeline.soar.com/3332971-9c96401dd20f21214ff46052ba1866cf/thumbnail_3278000.jpg","articleUrl","/articles/6239973/Tennessee/Industrial-Development-Board-reviews-Rivergate-Mall-TIF-economic-impact-plan-Metro-Council-approval-next-step","mediaUrl","https://secure.pipeline.soar.com/6239973-ef07bbc9fbe3860f444d786d05c2fada/orig.mp4?Expires=1770438646&Signature=QlqHGvScujtJ6eyaXNcliFvQGb7uBHV8IwAEM5LQl1ugQuAdf3V4CjPgMlZEYsK15Kfng6aLtC9pE-Maheh3tL4~w2h-dtrbazOIdUC1jXdo5vtuwo6q82Nf4Dpwl~VWPptc2wbpIZzPbPuL5s0ePHKjpSEdfih5uPnR7xOmsIXKXZAi4bMWc1RiiNhTgIGOtFd1EwL9P1dvkWWJnxYtDJCOkgRFRAoO~sc6actSRvlE3d4siic6KcffC4tHcwOFy8feo3oGArmw0-DBTFBJDatjSqoDgqi7aT~8mbVHwYNnvNLtS-MAyoSXIfDsMAYX2Z8OWwe4yHhGltTGgfDn2A__&Key-Pair-Id=KUT5TJCACFTXG","author","City of Nashville, TN","date","2025-05-16T00:48:36.253Z","article","Rivergate Mall redevelopment project proponents and Metro staff presented an economic impact plan and development agreement to the Industrial Development Board, saying the proposal would redevelop the vacant mall site and use tax-increment financing to pay for site infrastructure.

The matter matters because the redevelopment would transform a long-declining shopping center into mixed uses — including housing, retail, senior housing and community green space — and because the financing structure would commit future incremental property-tax revenue for up to 25 years, creating both a public subsidy and a timetable for construction and affordable-housing commitments.

Maris, the prospective master developer, described plans for a mixed-use campus with market-rate and for-sale housing, townhouses, senior housing, hospitality, retail and community green space. Kate Jerosh, director of real estate development for Maris, said the firm sees the project as a “community asset” created from a declining property and stressed the development would include substantial open space and a central “jewel-box” gathering area. Jerosh also disclosed an indirect conflict of interest for the record: her spouse is employed at SNESG Studio.

City staff walked board members through the TIF mechanics. Bob Mendez, chief development officer for Metro, described the TIF as a split of new property-tax revenue between Metro and the developer. Under the proposed structure the developer would have access to up to $42 million in tax-backed funds over 25 years to support capital and debt service; the estimated present value of that revenue stream is about $22.5 million. Mendez said Metro would retain an amount equal to the city’s debt-service share (roughly 13% of the operating budget) and then 25% of any remaining new property tax revenue after the initial five-year period, so Metro would keep approximately one-third of new property tax receipts once the TIF is fully running.

Mendez said the TIF package includes deadlines and performance requirements aimed at ensuring progress: for example, a seven‑year deadline to begin construction on the committed affordable senior housing and additional milestones for installation of common and parcel-specific infrastructure. He said the board and mayor’s office focused the city’s analysis on direct, quantifiable benefits to Metro’s general fund — property-tax shares, the limited general-fund portion of hotel taxes, and construction-related sales-tax receipts — rather than indirect economic impacts. He also described one administrative allowance: the IDB may cover up to $25,000 per year of third‑party administrative expenses required to calculate and distribute incremental tax payments across multiple parcels and owners.

Mendez told the board that, as of the meeting, Metro and the developer had agreed to a last‑minute addition to the contract language requiring the developer to notify the IDB of any appeals of property‑tax appraisals and to provide supporting materials as state law allows. “We think they’re probably gonna be more afraid of their bank than they’re afraid of Metro, and so we just put some deadlines in,” Mendez said, describing why the agreement includes timing milestones.

Board members asked about the project schedule and phasing, the role of neighboring Goodlettsville in a parallel tax‑sharing negotiation, and whether an infrastructure district might be used as an additional financing mechanism. Developers and Metro staff said the project would likely proceed west to east on the site, that multiple financing and municipal approvals remain (including Metro Council review), and that Goodlettsville’s separate tax discussions would not change Metro’s analysis of the proposed TIF. Jerosh and other presenters said the developer plans to move quickly once property acquisition and financing close; they did not announce a council vote outcome at the meeting.

The board did not record a formal vote on the economic impact plan and development agreement during the portion of the transcript provided. Metro staff said the IDB’s approval would be one step in a process that also requires Metropolitan Council action and, later, review of loan documents when the developer seeks bank financing for the TIF-backed loan.

Metro staff emphasized conservative assumptions in its assessment, focusing on direct fiscal returns to Metro rather than broader projected economic multipliers. Mendez said that approach aimed to make the city’s decision testable and defensible in future requests for public participation in private development costs.

Next steps: the proposed economic impact plan and development agreement were scheduled to go to Metro Council for consideration; Metro staff said the IDB would review final loan documents at a later date if the developer proceeds to borrow against the tax increment. The developer and Metro agreed to keep the IDB informed about parcel-level tax appeals and to supply supporting material when permitted by state law.

Board members indicated continued interest and asked for follow-up on timelines, community engagement and how affordable units and community benefits will be secured in practice. No formal board approval of the plan appeared in the provided transcript.","mediaType","Video","parentTitle","05/14/25 Industrial Development Board","oneSentenceSummary","Rivergate Mall redevelopment project proponents and Metro staff presented an economic impact plan and development agreement to the Industrial Development Board, saying the proposal would redevelop the vacant mall site and use tax-increment financing to pay for site infrastructure.","taxTitle","Industrial Development Board Meetings, Nashville, Davidson County, Tennessee","taxId",69316,"location","Tennessee","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6239959,"AllianceBernstein receives $525,000 incentive payout as second-year payment under seven‑year agreement",3580,1035000,4615000,"/Search/View?dp=1&key=3332971-9c96401dd20f21214ff46052ba1866cf&start=1035&end=4615","https://assets.pipeline.soar.com/3332971-9c96401dd20f21214ff46052ba1866cf/thumbnail_1035000.jpg","/articles/6239959/Tennessee/AllianceBernstein-receives-525000-incentive-payout-as-second-year-payment-under-sevenyear-agreement","https://secure.pipeline.soar.com/6239959-8f06daa0d8b70040648bef0cfde51080/orig.mp4?Expires=1770438646&Signature=H7APfVRYbeOKCTJb5gJ9YFxh-l5I0RI8wVXML2oAJxYxI8J7Wedh328kz5vxxYxOQHphuf95hiKbRU3198-LEQH82c1VCZ3JPW2L1yo9CpuJLadfXzYpGbvHVX9AP4u31KFIMqMes~Mt2L-z22NdHo6AWATXTBtlsUvn8G19bfkeGhUhziy6yRrW1RB1nmySUj4hZBJwv7JQ0qoMUYMYjAnADJPo3VaKzqQfesO~PNn18Sj1ujR5I~RHd1JV9RyppmZyrlbiZ-HtT-EV9P2RZv65IzCEPfftbBlW3vQzt3O4ey7TZMAhpwFPbqJms-Q~ZmQlArmTusmsA9UVbeskUQ__&Key-Pair-Id=KUT5TJCACFTXG","The Industrial Development Board approved an annual jobs‑incentive payment of $525,000 to AllianceBernstein, the second scheduled payout under the company’s multi‑year agreement tied to job creation and training in Nashville.

The matter matters because the payment supports AllianceBernstein’s local hiring and training programs and because the IDB’s review process verifies that the company met the contract’s job‑creation metrics before public funds are released.

Carl Spruill, chief operating officer of AllianceBernstein’s Nashville office, told the board the firm now has about 1,050 employees in Nashville and described the company’s local recruitment and associate training programs. He said the firm donated approximately $1.2 million to local charities in the previous year, that employees provided additional volunteer hours, and that about 77% of AllianceBernstein’s Nashville employees live in Davidson County.

Board members asked about recruitment challenges in specialized technology roles, workforce pipelines with local colleges, tracking of internal wage growth and retention, and community impact measures tied to internships and mentoring. Spruill and his colleagues described associate‑training rotations, partnerships with colleges, programs for veterans and athletes transitioning into corporate work, and tracking systems in human capital that measure advancement and internal mobility.

Metro Legal and Metro Finance confirmed they had received and reviewed AllianceBernstein’s third‑party audit report and settlement statement. Board Member Wright moved to approve the payout of $525,000; the motion was properly seconded by the vice chair and carried on a voice vote. The chair abstained, per the meeting record.

The board discussion underscored the company’s commitment to local hiring, workforce training and community partnerships while asking for continued reporting on wage and advancement outcomes. AllianceBernstein representatives said they track wage growth, retention and internal mobility and referenced several community programs, including a robotics and technical‑skills pipeline in local schools and partnerships with Nashville Technology Council and Tennessee Tech for security‑focused hiring.","The Industrial Development Board approved a $525,000 annual incentive payment to AllianceBernstein, reflecting the company’s second scheduled payout under a multi‑year job creation agreement and acknowledging the firm’s local hiring, charitable contributions and workforce‑development activities.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6239963,"IDB approves $317,500 jobs-incentive payout to Philips for year six of grant",377,282000,659000,"/Search/View?dp=1&key=3332971-9c96401dd20f21214ff46052ba1866cf&start=282&end=659","https://assets.pipeline.soar.com/3332971-9c96401dd20f21214ff46052ba1866cf/thumbnail_282000.jpg","/articles/6239963/Tennessee/IDB-approves-317500-jobs-incentive-payout-to-Philips-for-year-six-of-grant","https://secure.pipeline.soar.com/6239963-a8741a51656ed805c16b456f03b322fb/orig.mp4?Expires=1770438646&Signature=Cjc1van3k3iZSi4gZkDzo20w1b5LQ~ti8KfOHraXu4H3WcX1YK-PGBf2OoNRp0sC9w5yFnTqwpCA4Mwe3PY9eGK~8ZVfH~3HDqQbE0T5JdQ80vVZjbYXj0DNpf-s0THF8b0z83NfQcujD2xYtUhhx9M3zq0H~iIB0Qnbo78oIDEGh~hXvVRfgruVLb28gJAZyL8DVEeKXecdtaQGEKmcVSDg2e2e2j8oaIy4BIDebLIkr-~YzqEcXK6~8yv7iwZvIOgswrJ~wf0nklsha5PSAeOMA~5GMeh2jE1hVnDP16G1aIJpeDit7Zo1DR53DT1MjEUVNKoExBmZ~6b4rEsXcQ__&Key-Pair-Id=KUT5TJCACFTXG","The Industrial Development Board approved a jobs-incentive payment of $317,500 to Philips, finding the company met the grant’s job-creation metrics for the sixth year of a seven‑year agreement.

The decision matters because the payment is part of a structured economic incentive in which Metro reimburses companies for qualifying new jobs; Pace and accuracy in verification determine whether a firm receives annual payouts under the contract.

Ashley Harbin, an attorney with Adams and Reese representing Philips, told the board that Philips established a North American center of excellence in Nashville and that the company continued to meet the agreement’s hiring and reporting requirements. Harbin said 635 employees met the grant’s definition of qualifying jobs after third‑party verification by KBMG and that the workforce is locally rooted: “We're pleased to know that almost half of our workforce comes from Davidson County at 52%,” she said. Harbin summarized the grant’s eligibility rules as presented to the board: qualifying employees must work for at least 26 weeks in the grant year, average at least 32 hours per week, and be paid above the most recently published average wage for Nashville.

Board members asked about how remote or hybrid work is counted under post‑COVID reporting; Jamari Brown (Executive Director) and Metro staff explained that Metro evaluates how jobs are reported and that some prior grants required in‑office presence for jobs to count. Board members asked Metro Finance and Metro Legal to confirm the third‑party audit and settlement materials were provided; Metro staff said the paperwork had been submitted and reviewed.

Board Member Wright moved to approve the payment in the amount of $317,500; the motion was seconded by Board Member Davis. The board voted “aye” and the motion carried; the record shows the chair abstained.

Metro staff noted that the payouts are processed at this time so companies receive payment after Metro’s fiscal year start (July 1). Harbin thanked the board and offered to answer additional questions about Philips’ local commitments and community outreach.

Clarifying details provided at the meeting: this is year six of the seven‑year Philips job grant; Philips reported 782 total year‑end employees and KBMG’s verification determined 635 met the grant criteria; the grant’s per‑job metric in earlier remarks is described as $500 per qualifying job in each qualifying year. The board’s approval was conditioned on the presence of the reviewed documentation in Metro records.","The Industrial Development Board approved the sixth-year incentive payment for Philips (Phillips) under a seven‑year jobs grant, authorizing $317,500 in payments after a third‑party verification of qualifying jobs.",{"_33":101,"_35":36,"_37":38,"_39":102,"_41":103,"_43":104,"_45":105,"_47":106,"_49":107,"_51":108,"_53":109,"_55":56,"_57":58,"_59":110,"_61":62,"_63":64,"_65":111,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6239968,"IDB approves pass-through state grant for Rock Nashville production campus",972,2268000,3240000,"/Search/View?dp=1&key=3332971-9c96401dd20f21214ff46052ba1866cf&start=2268&end=3240","https://assets.pipeline.soar.com/3332971-9c96401dd20f21214ff46052ba1866cf/thumbnail_2268000.jpg","/articles/6239968/Tennessee/IDB-approves-pass-through-state-grant-for-Rock-Nashville-production-campus","https://secure.pipeline.soar.com/6239968-909677f8ee2ec3d3ea4f3c4cb5bbe4cf/orig.mp4?Expires=1770438646&Signature=cuvFiQu1aLhQNk6rSilFm6Z5YV-CULk2Jvn0uz4qBid2HMm-WlJP9U1HFObDTE1zh3qM3UQAJE1tTVYyGsnyvu0ex~UB10zsC3jNKMGuKC-dqbnA6ae-4o1bWWDu1sTV5SxiExZAMkvIqOWKaEgzX33LBBbd8J7u5g4LeeX3GRpRHw1BzF6TPLuKh1FdgNXueN24mG1n~INralyDpiSePLKhGlBbYFD6EjXa~Djr8YCcaxmsw3iIbcfCx3UxKmMp~yrooHR6b3OGpZGzjQkiz17bl7Slgs462VOmwzHonv~W~7Cxz5W9RQ9Jwa1ARaGxQybrI9T~CZcFVkb7Cy8j6g__&Key-Pair-Id=KUT5TJCACFTXG","The Industrial Development Board voted to approve grant documents that will allow state funds to pass through the board to support Rock Nashville, a planned 55‑acre live‑entertainment production campus in the Whites Creek area.

The project is significant because it would add specialized production and rehearsal facilities to the Nashville region, support an estimated 500 on‑site jobs, and include workforce training and middle‑school outreach programs tied to the live‑production industry.

Representatives from the Tennessee Entertainment Commission and the developer outlined the campus concept. Bob Raines, executive director of the Tennessee Entertainment Commission, said Rock Nashville will house production rehearsal arenas, band rehearsal studios and industry collaboration space. He described the campus as “a state‑of‑the‑art facility to collaborate, build, and rehearse events here in Nashville,” and said the development would include storage and substantial hospitality demand for crews that visit during tour builds.

State presenters and developers said the campus would total about 609,000 square feet of production space; the developer estimated a capital investment near $50 million, annual payroll of roughly $30 million, and about $20 million in annual guest spending, with some 35 companies locating on campus.

Metro staff explained the grant is a pass‑through of state funds. John (Metro Legal) told the board the package included three documents: a grant agreement between the state and the IDB, a grant agreement between the IDB and Rock Nashville Properties LLC, and an accountability agreement among all three parties. Metro Legal reviewed the documents and said they were routine and in order.

Board members asked about community engagement, workforce pipelines and whether the facility would accommodate film and television work. State and developer representatives said the facility is intended primarily for live‑event production and rehearsal (music and large‑scale touring), that Rock Lititz has existing workforce-training programs such as a middle‑school engagement program and an academy for trade education, and that they expect to coordinate with Metro Nashville Public Schools for vocational pathways. The developers said Rock Nashville would not be focused on film and television work and that scheduling demand already extends years into the future.

A motion to approve three documents — the state‑to‑IDB grant, the IDB‑to‑Rock Nashville grant, and the accountability agreement — was made by Board member Rodriguez and seconded by Board member Davis; the board voted “aye,” and the record shows the chair abstained. Metro staff noted the opening window the developer stated in the meeting: November (year not specified in transcript).","The Industrial Development Board approved agreements to accept a state pass-through emerging industry business development grant for Rock Nashville, a proposed 55-acre live‑entertainment production campus in Whites Creek, with developers and state representatives describing expected capital investment, jobs and workforce training.","actionData","errors"]

Article not found

Industrial Development Board reviews Rivergate Mall TIF economic impact plan; Metro Council approval next step

AllianceBernstein receives $525,000 incentive payout as second-year payment under seven‑year agreement

IDB approves $317,500 jobs-incentive payout to Philips for year six of grant

IDB approves pass-through state grant for Rock Nashville production campus