2026-10-05 Industrial Development Board Meeting

The Chattanooga Industrial Development Board (IDB) held its regular monthly meeting on October 5, 2026. The board approved previous meeting minutes, received financial and program reports, passed a resolution extending the cure period for a default under the Bend development agreement, and deferred discussion on a request to remove property from the Bend CC&Rs to the next meeting.

Consent Calendar

• Approval of Minutes: The board unanimously approved the minutes from the September 9, 2026 meeting.

Public Comments & Testimony

• No members of the public addressed the board.

Discussion Items

• VW Grant and Financial Reports: Eleanor Lou presented four reports. The VW grant shows 99.0% of budget expended with no new transactions for four quarters. The Economic Development Program Summary noted the creation of a new Registered Apprenticeship Employer Incentive Fund, funded by transferring $185,000 from the former Technology Workforce Program and $148,000 from the Innovation Fund, for a total of $333,000 available. The TIFF report indicated that a first payment of $52,299 to the Northgate Mall developer will be remitted in April 2027, with $146,000 cash remaining across TIFF funds. The E2I2 water program has spent $85,000 of its total budget, with a $246,000 payment issued (reimbursement from the city pending). Clay Oliver from City Public Works noted a contract for the remaining $215,000 in VW funds is set to advertise on October 18, 2026.
• Default Cure Extension for the Bend Development: The board considered a resolution to rescind the declaration of default previously issued on August 4, 2026, under the development agreement for the Bend project. Attorney Phil Horton, representing the developer, explained that documents regarding ownership transfers had been provided. The board voted to read in a resolution extending the cure period by 90 days from the meeting date (through January 4, 2027), during which no event of default shall be deemed to have occurred while parties attempt to resolve disputes. Mark Mamintov participated by phone. The resolution was approved unanimously.
• Airison Property Release from CC&Rs: Phil Horton requested board consent to remove the Airison property (a manufacturing facility and a front lot on Riverside Drive at Main Street) from the Bend CC&Rs. The request came from investors separating from the Bend project. Horton argued the CC&Rs allow removal without consent; Mark Mamintov argued the development agreement requires board consent. The board expressed concerns about the gateway parcel on Main Street and the impact on public housing features and mixed-use consistency. No diagram was available. The board decided to defer the discussion item to the November 2, 2026 meeting, and requested that a diagram of the property be provided.

Key Outcomes

• Resolution Approved: Unanimously approved a resolution extending the default cure period for the Bend development agreement to January 4, 2027.
• Item Deferred: The request to release the Airison property from the Bend CC&Rs was deferred to the November 2, 2026 meeting, with a diagram to be provided.
• Reports Accepted: Financial and program reports were received without formal vote.