Tennessee Provides Certain Industrial Development Corporation PILOT Agreements Authorization

The Tennessee Governor signed a law that includes: 1) authorizing an industrial development corporation (IDC), unless a municipality adopts an ordinance or resolution requiring that any payments in lieu of taxes (PILOT) agreement be approved by the municipality, to allow an IDC to negotiate and receive from any lessee of the IDC, without any delegation from the municipality, PILOT payments with respect to a tax credit housing project, if the payments are payable to all applicable taxing jurisdictions and certain other conditions are met; and 2) requiring an IDC to give written notice of any PILOT agreement that would result ...