(The Center Square) – The state of Tennessee has approved creating a board to oversee development on Nashville’s East Bank and now Metro Nashville must also approve its creation.
Gov. Bill Lee signed a bill creating the board Tuesday.
The East Bank area is the land between Interstate 24, I-65 and the Cumberland River.
The board will have nine voting members with five appointed by Nashville’s mayor, two by the Metro Nashville council and the final two members are the speaker of the Tennessee Senate and House.
The East Bank development will be around the new $2.1 billion Tennessee Titans Nissan Stadium, set to open in 2027.
Nashville’s Metro Council approved a deal to have Fallon Co. develop the initial 30 acres of Nashville-owned land in the development area earlier this year.
The overall development is part of a 130-acre tax capture zone where 50% of the sales tax collected will go toward a stadium fund to pay off bonds on the construction along with infrastructure and future maintenance and renovations at the stadium.
Once the new Nissan Stadium is completed, the current stadium is set to be demolished. The 50% tax capture zone is estimated to collect $682.7 million in sales tax with $455.1 million of captured state sales tax and $227.6 million in captured local sales tax over the life of the lease as part of an estimated $3.1 billion in total captured taxes.
Fallon’s work on will include an estimated $147 million in infrastructure costs for nine projects in the development zone including $6.8 million from Nashville, $67.6 million from the Tennessee Performing Arts Center’s move on the East Bank and $72.6 million from Fallon.
The development will have an estimated 1,550 residential units with 695 of those deemed affordable at a price of 80% of the area median income and below.
The new board members will phase out progressively with the first mayoral appointees’ term ending on June 30, 2025 and another ending each year after. Board members can serve two full four-year terms after the initial creation of the board.
