Economic Incentives
Representing local governments, economic development agencies, companies and developers, we help our clients’ structure and negotiate economic incentives to spur business development and growth across Tennessee.
We offer deep experience in the creation, administration and implementation of payment in lieu of tax abatement (PILOT) programs and tax increment financing (TIF) programs, as well as the structuring and execution of sales tax increment financings and special assessment bond financings. Having been heavily involved in the drafting of legislation regarding the use of TIFs by industrial development boards and housing and redevelopment authorities, we bring unique insight and substantial knowledge of how to leverage incentives for the maximum long-term economic impact.
Our team is involved in incentive projects ranging from a few million dollars for infrastructure improvements relative to new retail developments to hundreds of millions of dollars for convention centers and sports facilities in major cities. Representing local governments as well as companies and developers in these transactions, we bring a comprehensive perspective to all aspects of economic incentives transactions as a result of representing clients on all sides of the table.
Beyond deal work, our attorneys are actively involved in helping to educate state and local officials across Tennessee on the use of economic incentives — volunteering their time to speak at multiple economic development programs each year and authoring publications on the topic.
Opportunity Zones
Among the many wide-ranging tax reforms established by the 2017 Tax Cuts and Jobs Act was a program geared to stimulate new business and development in economically distressed communities by incentivizing long-term investment in low-income areas. This program allows for the re-investment of prior capital gains into low-income communities designated as Qualified Opportunity Zones through investments in Qualified Opportunity Funds (QOFs) with the incentives of deferred and reduced taxation on invested gains until 2027, as well as no tax on gains from selling QOF investments held for at least 10 years.
Our cross-disciplinary team of real estate, tax and corporate attorneys are positioned to help investors, developers and fund managers determine the right approach to take tactical advantage of this program, optimize tax benefits, and comply with legal requirements. From structuring long-term real estate and business investments, to fund formation, to pairing this new tax benefit with other economic development incentives, our team is able to help clients realize the full benefits of the Opportunity Zones program.
Experience
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Represented Southern Properties, Inc. in obtaining approval for up to $96.4 million in tax increment financing (TIF)
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Represented the Poplar Corridor Business District Association of Owners in obtaining approval for use of tax increment financing (TIF) funds estimated to exceed $80 million
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Served as bond counsel to LHP Capital, LLC in three tax exempt financings relating to the rehabilitation of three low-income housing facilities located in Nashville
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Represented Kemmons Wilson Companies, LLC in the closing of a ground lease and financing for the redevelopment of the historic Amtrak Central Station passenger-service terminal in downtown Memphis
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Represented Guesthouse at Graceland, LLC as bond counsel in the recent closing of a $100 million transaction as part of the ongoing revitalization of the area surrounding Elvis’ home, Graceland in Memphis
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Served as underwriter’s counsel in connection with the closing of a $12 million tax increment financing for public infrastructure improvements related to the Scarlett Pearl Casino Resort in D’Iberville, Mississippi
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Represented a Memphis investor group in the purchase and closing of the construction loan, PILOT, and bridge loan financings, in coordination with historic tax credit financing, for the rehabilitation of the Hickman Building in Memphis
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Represented the University Neighborhood District Corporation in a successful cooperative effort with The University of Memphis to obtain TIF financing for the redevelopment of the streetscape along the Highland Strip adjacent to the University
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Represented a global technology company in the acquisition of a 1,300-acre industrial site for development of a $600 million data center
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Closed a tax increment financing transaction to assist with the redevelopment of the Oak Ridge Mall into a lifestyle center and multi-use development
Professionals
Notice
Visiting, or interacting with, this website does not constitute an attorney-client relationship. Although we are always interested in hearing from visitors to our website, we cannot accept representation on a new matter from either existing clients or new clients until we know that we do not have a conflict of interest that would prevent us from doing so. Therefore, please do not send us any information about any new matter that may involve a potential legal representation until we have confirmed that a conflict of interest does not exist and we have expressly agreed in writing to the representation. Until there is such an agreement, we will not be deemed to have given you any advice, any information you send may not be deemed privileged and confidential, and we may be able to represent adverse parties.
Notice
Visiting, or interacting with, this website does not constitute an attorney-client relationship. Although we are always interested in hearing from visitors to our website, we cannot accept representation on a new matter from either existing clients or new clients until we know that we do not have a conflict of interest that would prevent us from doing so. Therefore, please do not send us any information about any new matter that may involve a potential legal representation until we have confirmed that a conflict of interest does not exist and we have expressly agreed in writing to the representation. Until there is such an agreement, we will not be deemed to have given you any advice, any information you send may not be deemed privileged and confidential, and we may be able to represent adverse parties.
Notice
Visiting, or interacting with, this website does not constitute an attorney-client relationship. Although we are always interested in hearing from visitors to our website, we cannot accept representation on a new matter from either existing clients or new clients until we know that we do not have a conflict of interest that would prevent us from doing so. Therefore, please do not send us any information about any new matter that may involve a potential legal representation until we have confirmed that a conflict of interest does not exist and we have expressly agreed in writing to the representation. Until there is such an agreement, we will not be deemed to have given you any advice, any information you send may not be deemed privileged and confidential, and we may be able to represent adverse parties.
Notice
Visiting, or interacting with, this website does not constitute an attorney-client relationship. Although we are always interested in hearing from visitors to our website, we cannot accept representation on a new matter from either existing clients or new clients until we know that we do not have a conflict of interest that would prevent us from doing so. Therefore, please do not send us any information about any new matter that may involve a potential legal representation until we have confirmed that a conflict of interest does not exist and we have expressly agreed in writing to the representation. Until there is such an agreement, we will not be deemed to have given you any advice, any information you send may not be deemed privileged and confidential, and we may be able to represent adverse parties.
Notice
Visiting, or interacting with, this website does not constitute an attorney-client relationship. Although we are always interested in hearing from visitors to our website, we cannot accept representation on a new matter from either existing clients or new clients until we know that we do not have a conflict of interest that would prevent us from doing so. Therefore, please do not send us any information about any new matter that may involve a potential legal representation until we have confirmed that a conflict of interest does not exist and we have expressly agreed in writing to the representation. Until there is such an agreement, we will not be deemed to have given you any advice, any information you send may not be deemed privileged and confidential, and we may be able to represent adverse parties.
Notice
Visiting, or interacting with, this website does not constitute an attorney-client relationship. Although we are always interested in hearing from visitors to our website, we cannot accept representation on a new matter from either existing clients or new clients until we know that we do not have a conflict of interest that would prevent us from doing so. Therefore, please do not send us any information about any new matter that may involve a potential legal representation until we have confirmed that a conflict of interest does not exist and we have expressly agreed in writing to the representation. Until there is such an agreement, we will not be deemed to have given you any advice, any information you send may not be deemed privileged and confidential, and we may be able to represent adverse parties.
Notice
Visiting, or interacting with, this website does not constitute an attorney-client relationship. Although we are always interested in hearing from visitors to our website, we cannot accept representation on a new matter from either existing clients or new clients until we know that we do not have a conflict of interest that would prevent us from doing so. Therefore, please do not send us any information about any new matter that may involve a potential legal representation until we have confirmed that a conflict of interest does not exist and we have expressly agreed in writing to the representation. Until there is such an agreement, we will not be deemed to have given you any advice, any information you send may not be deemed privileged and confidential, and we may be able to represent adverse parties.
Notice
Visiting, or interacting with, this website does not constitute an attorney-client relationship. Although we are always interested in hearing from visitors to our website, we cannot accept representation on a new matter from either existing clients or new clients until we know that we do not have a conflict of interest that would prevent us from doing so. Therefore, please do not send us any information about any new matter that may involve a potential legal representation until we have confirmed that a conflict of interest does not exist and we have expressly agreed in writing to the representation. Until there is such an agreement, we will not be deemed to have given you any advice, any information you send may not be deemed privileged and confidential, and we may be able to represent adverse parties.
Notice
Visiting, or interacting with, this website does not constitute an attorney-client relationship. Although we are always interested in hearing from visitors to our website, we cannot accept representation on a new matter from either existing clients or new clients until we know that we do not have a conflict of interest that would prevent us from doing so. Therefore, please do not send us any information about any new matter that may involve a potential legal representation until we have confirmed that a conflict of interest does not exist and we have expressly agreed in writing to the representation. Until there is such an agreement, we will not be deemed to have given you any advice, any information you send may not be deemed privileged and confidential, and we may be able to represent adverse parties.
Notice
Visiting, or interacting with, this website does not constitute an attorney-client relationship. Although we are always interested in hearing from visitors to our website, we cannot accept representation on a new matter from either existing clients or new clients until we know that we do not have a conflict of interest that would prevent us from doing so. Therefore, please do not send us any information about any new matter that may involve a potential legal representation until we have confirmed that a conflict of interest does not exist and we have expressly agreed in writing to the representation. Until there is such an agreement, we will not be deemed to have given you any advice, any information you send may not be deemed privileged and confidential, and we may be able to represent adverse parties.
Notice
Visiting, or interacting with, this website does not constitute an attorney-client relationship. Although we are always interested in hearing from visitors to our website, we cannot accept representation on a new matter from either existing clients or new clients until we know that we do not have a conflict of interest that would prevent us from doing so. Therefore, please do not send us any information about any new matter that may involve a potential legal representation until we have confirmed that a conflict of interest does not exist and we have expressly agreed in writing to the representation. Until there is such an agreement, we will not be deemed to have given you any advice, any information you send may not be deemed privileged and confidential, and we may be able to represent adverse parties.
Notice
Visiting, or interacting with, this website does not constitute an attorney-client relationship. Although we are always interested in hearing from visitors to our website, we cannot accept representation on a new matter from either existing clients or new clients until we know that we do not have a conflict of interest that would prevent us from doing so. Therefore, please do not send us any information about any new matter that may involve a potential legal representation until we have confirmed that a conflict of interest does not exist and we have expressly agreed in writing to the representation. Until there is such an agreement, we will not be deemed to have given you any advice, any information you send may not be deemed privileged and confidential, and we may be able to represent adverse parties.