Tennessee House Bill HB2968

Tennessee 2023-2024 Regular Session

• Introduced: 2/6/24
• Refer: 2/12/24

Caption

AN ACT to create the East Bank development authority for the metropolitan government of Nashville and Davidson County.

Impact

The passage of HB2968 will significantly impact local governance and economic policy within the Nashville metropolitan area. By empowering a dedicated authority, the bill aims to streamline processes related to public works projects and various developments in the East Bank area. It can facilitate faster decision-making and potentially attract investment due to a clearer regulatory framework. However, the authority will be bound by the land use regulations of the Metropolitan Government, ensuring that while it operates with significant flexibility, it remains subject to overarching community guidelines.

Summary

House Bill 2968 seeks to establish the East Bank Development Authority within metropolitan Nashville and Davidson County. The creation of this authority is intended to promote economic development in the East Bank area, bounded by the Cumberland River and certain highways. The Authority will oversee the development, management, and promotion of projects aimed at generating high-quality jobs and enhancing the orderly growth of the specified region. The bill grants a myriad of powers to the Authority, including the ability to adopt bylaws, enter contracts, and manage real and personal property without necessitating separate approval from the metropolitan government.

Contention

While the intent behind HB2968 is to foster development and spur job creation, there may be notable points of contention regarding how this authority's powers will affect existing planning and regulations within Nashville. Some community members may express concern over potential overreach by the authority in managing projects, fearing that local input might be undermined. Moreover, the broad powers given to the Authority, such as borrowing money and issuing bonds, may raise questions about fiscal responsibility and transparency in government operations.