On TIFs and Town Center

Thursday work sesson open to public

No doubt it won’t be as entertaining as last week’s public forum sponsored by the city's Environmental Quality Coordinating Committee, but Thursday’s special City Commission work session may prove to be far more valuable.
Property and business owners in the Town Center area have been invited to hear, along with the commission, a presentation on tax increment financing (TIF) options available under Tennessee law for the city’s downtown commercial area.
The meeting begins at 5 p.m. in the commission chambers.
So, just what is a TIF anyway?
Attorney Mark Mamantov will share information on what TIFs are, what's needed for them to work effectively, and the legal aspects and requirements associated with their use within the Town Center area.
Rick Delaney from the investment firm Morgan-Keegan will address the practical applications of issuing TIF bonds in today’s credit market; the attractiveness of TIF bonds to investors; the potential risk to the city, and the use of TIF Bonds for projects such as the Nissan headquarters, which opened in Franklin last year.
“This is mainly a meeting to disseminate some facts to the commission through a workshop concerning development of the Town Center,” Mayor Betsy Crossley told me Wednesday. She explained that in a nutshell, TIFs use the property tax increases collected from an improved property to carry out public improvements in the area through the use of bonds rather than using the new taxes to pay for general fund services.
Since Tennessee laws concerning TIFs differ from other states, Mamantov will outline them and answer commission members’ questions.
Private/public sectors must work together
Crossley acknowledged that Thursday’s meeting will be rather limited “since it is regarding a specific technical aspect of development.” She added, however, that she is “happy that there are individuals discussing development in Town Center like (Brentwood architect Walter Kassidon’s) Brentwood Future group. As you have said, there is going to have to be public/private partnership to bring a plan together for the redevelopment.
“… I look forward to continued future dialog with Town Center landowners and developers regarding what the vision for that area should be.”
David Green, spokesperson for the grassroots Citizens for Town Center (www.brentwoodsfuture.org), said the organization is “delighted to see the City Commission examine alternate ideas for moving the Town Center project ahead. While we have not taken a stand on TIF, we think it is a great idea for the city to examine any and all ideas for helping advance the progress of Town Center redevelopment.”
“TIFs are very complicated and can be a great benefit for our city,” Mac Kelton, a Brentwood resident and local investor, said. “It all depends on attitude. If the approach is ‘how can we do this?’ then great ways will be found. If the approach is ‘what can we do to prevent this from happening?’ then we will get different results.
“I am looking forward to see the approach taken. Forward thinking and can-do spirit is needed.”
Respect for property owners' rights
“As a City Commissioner I would love to see the property owners, the chamber and the city all working together to really push and promote this redevelopment,” Commissioner Regina Smithson wrote me. “As I have stated from the beginning, I believe every property owner has a right to develop their property the way they want and on their time table. Our city government can and should only do so much.
“I welcome any and all property owners or any developer with a plan to bring it to me. I will be glad to sit down and do what I can as a City Commissioner to help make it happen.”
The redevelopment of Town Center, defined as the 55 acres roughly bordered by Old Hickory Boulevard, Church Street, I-65 and East Park Drive, has been a major source of hope and frustration since first discussed as a Leadership Brentwood project a decade ago.
So far the city has invested more than $2 million in infrastructure improvements within the C4 Town Center zoning district.

Thursday’s public meeting takes place in the Brentwood Municipal building, 5211 Maryland Way.