Summary Review of Agenda Items for MDHA’s April 14, 2020 Board Meeting

EXECUTIVE   (HARBISON & THILTGEN)

8.        Report on Tax Increment Financing (TIF) Refinancing

At its February 11 meeting, the Board authorized four loans with Regions Bank (Regions Capital Advantage) to refinance ten existing tax-increment loans.  This was to take advantage of lower interest rates (1.92%) and to make the annual debt service requirement from the Metropolitan Government lower and more stable.  Those loans closed on March 27.  The Tennessee Comptroller of the Treasury requires that a report on all debt obligations be provided to the Board during a public meeting and then submitted to the Comptroller.  According, a Report on Debt Obligation for each of the four loans is being provided to the Board during this meeting.  No action by the Board is required.