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Dear East Bank stakeholders and partners:
When the East Bank Development Authority Board of Directors met on Tuesday, February 24, it was our first meeting in more than a month. Damage from Winter Storm Fern postponed our January meeting, and we send our condolences to everyone who is still recovering from that terrible storm. Thanks to our partners at The Fallon Company for their generous contribution to the United Way of Greater Nashville’s Winter Storm Recovery Fund.
The amount of ice and sleet we got in late January proved why it’s a good idea to bury utility lines and other sensitive infrastructure, even if doing so takes more time and upfront investment. Putting power below ground has always been part of the design for the East Bank and our crews have been working for months on doing just that. This is another example of how the work we are doing today is laying the groundwork – literally – for the future success and resilience of the East Bank.
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When our Board met this week, they voted to approve a 15-year payment-in-lieu-of-taxes (PILOT) incentive for Eastpoint Flats. This project will consist of more than 300 housing units of varying sizes that will be available to renters making less than the area’s median income. It’s the single largest commitment to affordable housing in the history of Nashville.
PILOT agreements essentially freeze a property’s property tax in place for a specific number of years in exchange for an investment from the developer. By temporarily alleviating a project's property tax burden, developers have an easier time making their financing work, which in turns allow them to price their units more affordably for more families. This particular kind of incentive is pretty common throughout Metro and has been used by affordable housing developers for years.
In this case, a 15-year PILOT is necessary to preserve the long-term affordability of Eastpoint Flats, which is critical to our vision of building an inclusive and welcoming place for all families.
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Safe & Smart Connections. |
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Accessbility of a different kind was also discussed at the Board meeting: the Metropolitan Sports Authority recently approved a resolution that will allow the Tennessee Titans to fund the design and construction of a new “Greenway Connector” -- a ramp at the end of the John Siegenthaler Pedestrian Bridge that will maintain continuous access for bicyclists and pedestrians after improvements start on the bridge in a few years.
The O’Connell administration and the Metro Council have been clear in their commitments for years that development on the East Bank should not compromise multi-modal access to and through this area. We appreciate the Titans stepping up to make sure that not only will their fans have easy access to Nissan Stadium, but all families will be able to move safely across the Cumberland River even as construction continues.
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The East Bank Development Authority Board of Directors approved the dates for their remaining 2026 meetings. The next one will be held on March 24 at 9:00 a.m. at the Sonny West Conference Center in the Howard Office Building.
This meeting will be the first led by EBDA’s new Board Chair, Mona Hodge, who was appointed to this role by Mayor O’Connell after our previous Chair, Emily Lamb, announced she was stepping down. We are thrilled to work with Mona and the rest of the Board – including Mayor O’Connell’s newest appointee, Tricia Herzfeld – in the months and years ahead. We also want to extend our deepest thanks to Emily for her service and continued dedication to Metro Nashville. |
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Bending Toward the Future. |
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For more details on all of the East Bank’s many projects, I invite you to click here to check out our most recent quarterly report. If you’ve got questions for our team, please email us at EBDA@nashville.gov.
As always, thank you for your support of Nashville’s next great neighborhood.
In partnership,
Ben York, CEO
East Bank Development Authority
P.S. If you’re not already following the East Bank Development Authority on LinkedIn and Instagram, please do so! And if you are following us there, share those links with your friends.
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P.O. Box 196300, Nashville, TN 37219
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