Targeted Tools-Mark Mamantov-TN Economic Development Finance Course

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University of Tennessee-Center for Industrial Services-Economic Development

Educação

Tennessee Economic Development
Finance Course
Local Economic Incentives
in Tennessee

February 20, 2014
G. MARK MAMANTOV
BASS BERRY & SIMS PLC
900 SOUTH GAY STREET SUITE 1700
KNOXVILLE, TN 37902
865-521-0365
MMAMANTOV@BASSBERRY.COM

What are you trying to
incentivize?
• Retail/Commercial
• Industrial/Corporate headquarters
• Downtown revitalization

Two Primary Tools
• Tax Abatement (PILOTs)
• Tax Increment Financing (TIFs)

What entities do you need to
implement an incentive
program?
• Industrial development board
• Housing authority (or CRA in Shelby
County)
• Health Ed Board

Do you have or want incentive
policies?
• PILOT policies
• TIF policies

Why is tax abatement so
complicated?
• Constitutional limitations
• Imputed rent

PILOT Structure
• Simple Lease
• “Phantom” Bond Structure

PILOT Terms
•
•
•
•

Length
Amount
Clawbacks
Assignment

Special considerations
regarding a PILOT
• Financing by lessee
• State grants

Administration of PILOTs
• Monitoring clawbacks
• Assessment issues (particularly as to
expansions)

Tax Increment FinancingThe Approval Process
• Plan preparation
• Public Hearing
• Government Approvals

Reimbursement TIF versus
Financing TIF
• Monetization of TIF Value
• Developer Guaranty (or Not)
• Housing Authority TIF must involve
financing

Considerations in Plan Drafting
•
•
•
•
•
•
•

Parcel-by-parcel or total area calculations
Multiple TIFs within a plan area
Commencement of Allocation
Debt service component and other withholdings
Administrative costs
Payment dates
Eligible costs

Structuring a financed TIF
• Term
• Amortization
• Tax-Exempt versus Taxable

Basic Documents for a TIF
• Development Agreement
• Loan Agreement and Note
• Assignment of TIF Revenues

Administration of TIF
• Calculations
• Payments

Required State Approvals and
Filings
• Term of TIF or PILOT
• Possibly Amortization of Housing Authority
TIFs
• PILOT Cost-Benefit Analysis
• PILOT Agreements and TIF Plans
• CT-0253 Form for Borrowings
• Certain Costs Paid with TIF Proceeds
• Annual Informational Filings with the State

Special Assessment Districts
• Special Assessment Districts
• Central Business Improvement
Districts

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