Establishes a commercial development board to encourage economic growth through property tax incentives.

The bill creates a commercial development board to promote economic and community development in Tennessee. The board will negotiate payment in lieu of taxes (PILOT) agreements and leases with private developers for publicly owned commercial properties. These agreements will last up to ten years and aim to boost economic activity, increase property tax collections, and revitalize communities. The board will submit annual reports detailing the properties, leases, and PILOTs, and prepare biannual compliance reports. The bill also outlines the board's composition, terms, and duties.

Establishes a commercial development board to encourage economic growth through property tax incentives.

The bill creates a commercial development board to promote economic and community development in Tennessee. The board will negotiate payment in lieu of taxes (PILOT) agreements and leases with private developers for publicly owned commercial properties. These agreements will last up to ten years and aim to boost economic activity, increase property tax collections, and revitalize communities. The board will submit annual reports detailing the properties, leases, and PILOTs, and prepare biannual compliance reports. The bill also outlines the board's composition, terms, and duties.