7/14/25 Chattanooga City Industrial Development Board

7/14/25 Chattanooga Industrial Development Board

📅 July 14, 2025 | ⏰ 3:17 PM

Call to Order & Quorum (3:17)

  • Meeting duly advertised; quorum confirmed.

1. Election of Officers (3:24)

  • ✅ Chair: Carrie Hayes
  • ✅ Vice Chair: Vice Jones
  • ✅ Secretary: Gordon Parker
  • ✅ Assistant Secretary: Jim Floyd (reappointed)

2. Minutes (3:41)

  • ✅ Approved June 2, 2025 minutes.

3. Public Comment (5:04)

  • None.

4. Program & Financial Updates – Presented by Ms. Lou (5:18)

  • Volkswagen Grants: 99% spent; no changes since March.
  • Economic Development Programs: $2.9M cash available.
  • E2 I2 Infrastructure: $21M spent to date; reimbursements current.
  • TIF Payments:
    • Payments received from Black Creek, MLK extension, East Chattanooga Rising, North River Commerce Center, Sports Authority.
    • East Chattanooga Rising TIF (5th year): revenues insufficient to cover $4M loan interest. Only $113K received vs. >$200K needed annually. Discussions ongoing; city servicing debt.

5. City Update – Sharita Allen (Economic & Workforce Development) (9:20)

  • East Chattanooga Rising market analysis being updated; RFP for parcels expected Aug–Sept.
  • Goal: attract developers to generate new increment and cover debt.

6. Resolution – Property Acquisition for Wastewater (E2 I2) (13:17)

  • 7218 Hamilton Acres Circle (Tax Parcel 139PC00007.04)
  • Purchase from City Church off Lee Highway.
  • Appraised value: $580K; total authorization up to $700K (incl. fees/closing).
  • Purpose: permanent access to tank site; unused land may later be resold.
  • ✅ Approved.

7. Project Updates (18:11)

  • Moccasin Bend Class A Power Project – in alternatives analysis phase; next quarterly update expected to include details.

8. Resolutions – Chattanooga Housing Authority Funding (19:33)

  • 9A. $1.5M allocation from IDB Renewing Chattanooga account NR17 to CHA for James A. Henry Hub renovation/expansion (Phase 1). Supports $50M Choice Neighborhoods grant.
    • Completion expected Dec 2025; Head Start move-in Feb 2026.
    • ✅ Approved.
  • 9B. Transfer of $1.5M from IDB Pilots Fund NR14 → Renewing Chattanooga account NR17.
    • ✅ Approved.

9. Overview – TIFs & PILOTs (28:38–52:55)

  • Presentation mirrored recent City Council briefing.
  • TIFs reviewed: Black Creek, MLK Extension, North River Commerce Center, The Bend, South Broad Stadium, East Chattanooga Rising.
    • Note: Stadium TIF already generating increment; The Bend has not yet.
  • PILOTs reviewed: Coca-Cola, Gastamp, M&M Industries, OP Mobility, Steam Logistics, Unum, Volkswagen, Yanfeng, Pure Graphite.
    • Noted compliance monitoring, clawback provisions, and pilot expirations in 2025.
    • New pilot policy template eliminates automatic extension option.

10. Other Business (54:42)

  • Certificate of Self-Insurance issued to IDB for easements tied to E2 I2 project; confirmed IDB covered as a governmental entity under state law.

11. Adjournment (56:04)

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