08/12/26 Industrial Development Board Ad Hoc

The Metro Nashville Network's Industrial Development Board Ad Hoc meeting on August 12, 2026, focused primarily on economic development initiatives and financing tools to support growth in North Nashville and other areas. Key procurement-related discussions included various grant programs such as the small business fast-growing business incentive and the property investment incentive, which offers up to $50,000 in reimbursements for commercial property improvements under $1 million. The board also discussed the use of revenue bonds as a financing conduit for private projects, tax increment financing (TIF) for redevelopment projects like Rivergate Mall, and the administration of Foreign Trade Zone 78 to help companies manage tariffs. The meeting highlighted ongoing and planned investments, including a $20 million pledge from Fifth Third Bank for North Nashville and the establishment of a financial empowerment center with mobile counseling services. Additionally, infrastructure development districts (IDDs) were introduced as a new financing tool to support infrastructure costs spread over time, with no direct financial risk to the city or the board. The board expressed interest in further supporting small businesses and marketing these programs to maximize impact. No formal votes or contract awards were recorded during this session.