Economic Incentives
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.
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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We served as special counsel to the Industrial Development Board of the City of Chattanooga in connection with a $115...
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We represented Knoxville’s Community Development Corporation (KCDC) in connection with its $67 million financing for the development of a 161-unit...
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We represented the Clarksville-Montgomery County Economic Development Council in connection with the negotiation and documentation of tax and other incentives...
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We represented the City of Knoxville and Knox County and served as bond counsel to The Sports Authority of the...
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During 2022, we assisted housing authorities with the Rental Assistance Demonstration (RAD) conversion of approximately 500 affordable housing units. These...
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We represented Fiberon, a producer of composite-based decking, railing and fencing, owned by Fortune Brands (NYSE: FBHS) in a real...
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We represented Portobello America Manufacturing, LLC in a sale-leaseback, build to suit transaction for an approximately $90 million development of...
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We served as bond counsel in connection with a Rental Assistance Demonstration (RAD) conversion/rehab for The Villages at Old Hickory,...
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We represented the developer of Burlington Commons, an affordable housing complex in East Knoxville, in all aspects of the transaction....
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We served as bond counsel and local counsel to affiliates of social services organization People Incorporated of Virginia in connection...
Experience
-
We served as special counsel to the Industrial Development Board of the City of Chattanooga in connection with a $115...
-
We represented Knoxville’s Community Development Corporation (KCDC) in connection with its $67 million financing for the development of a 161-unit...
-
We represented the Clarksville-Montgomery County Economic Development Council in connection with the negotiation and documentation of tax and other incentives...
-
We represented the City of Knoxville and Knox County and served as bond counsel to The Sports Authority of the...
-
During 2022, we assisted housing authorities with the Rental Assistance Demonstration (RAD) conversion of approximately 500 affordable housing units. These...
-
We represented Fiberon, a producer of composite-based decking, railing and fencing, owned by Fortune Brands (NYSE: FBHS) in a real...
-
We represented Portobello America Manufacturing, LLC in a sale-leaseback, build to suit transaction for an approximately $90 million development of...
-
We served as bond counsel in connection with a Rental Assistance Demonstration (RAD) conversion/rehab for The Villages at Old Hickory,...
-
We represented the developer of Burlington Commons, an affordable housing complex in East Knoxville, in all aspects of the transaction....
-
We served as bond counsel and local counsel to affiliates of social services organization People Incorporated of Virginia in connection...
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.
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.
Professionals
Name | Phone | |
---|---|---|
Michael J. Bradshaw, Jr. Counsel |
(901) 543-5781 | Michael.Bradshaw@bassberry.com |
Heather G. Ferguson Attorney |
(865) 521-2034 | heather.ferguson@bassberry.com |
B. Taylor Gray Counsel |
(901) 543-5906 | tgray@bassberry.com |
Robert C. Guth Senior Litigation Attorney |
(615) 742-7819 | rguth@bassberry.com |
Cheyne W. Harris Member |
(901) 543-5913 | cheyne.harris@bassberry.com |
Betsy F. Knotts Counsel |
(615) 742-7878 | Betsy.Knotts@bassberry.com |
G. Mark Mamantov Member |
(865) 521-0365 | mmamantov@bassberry.com |
Russell A. Miller Member |
(615) 742-7778 | rmiller@bassberry.com |
James Polk Moneyhun, Jr. Member |
(865) 521-0368 | jmoneyhun@bassberry.com |
Jeffrey A. Oldham Member |
(615) 742-7704 | joldham@bassberry.com |
Alexandrea R. Samber Senior Public Finance Attorney |
(865) 521-2038 | alexandrea.samber@bassberry.com |
Bria Smith-Edwards Associate |
(615) 742-7959 | bria.smith@bassberry.com |
Richard R. Spore, III Member |
(901) 543-5902 | rspore@bassberry.com |
Russell E. Stair Member |
(865) 521-2021 | rstair@bassberry.com |
Justin T. Starling Member |
(901) 543-5721 | jstarling@bassberry.com |
T. Gaillard Uhlhorn, V Member |
(901) 543-5943 | guhlhorn@bassberry.com |
Publications
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July 22, 2024 | Journal of Property Management
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June 28, 2024 | Firm Publication
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Richard Spore and Justin Starling Explore Use of CPACE Financing for Commercial Real Estate ProjectsApril 19, 2024 | Commercial Property Executive
Past Events
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March 12, 2024 | Knoxville, TennesseeTennessee Department of Economic and Community Development and the University of Tennessee Center for Industrial Services
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March 6, 2024 | Murfreesboro, TennesseeTennessee Economic Development Basic Finance Course
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February 27, 2024 | Franklin, TennesseeCity of Franklin, Tennessee
Media Mentions & Firm News
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March 21, 2024 | Firm News
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June 9, 2023 | Memphis Business Journal
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November 16, 2022 | Firm News
Publications
-
July 22, 2024 | Journal of Property Management
-
June 28, 2024 | Firm Publication
-
Richard Spore and Justin Starling Explore Use of CPACE Financing for Commercial Real Estate ProjectsApril 19, 2024 | Commercial Property Executive
Past Events
-
March 12, 2024 | Knoxville, TennesseeTennessee Department of Economic and Community Development and the University of Tennessee Center for Industrial Services
-
March 6, 2024 | Murfreesboro, TennesseeTennessee Economic Development Basic Finance Course
-
February 27, 2024 | Franklin, TennesseeCity of Franklin, Tennessee
Media Mentions & Firm News
-
March 21, 2024 | Firm News
-
June 9, 2023 | Memphis Business Journal
-
November 16, 2022 | Firm News
Contact
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.