Tennessee SB0697 amends industrial development corporation regulations, allowing non-resident directors if a federal facility is closed or downsized.
Tennessee SB0697 modifies the rules for industrial development corporations, allowing a minority of directors to be non-residents if the municipality has a closed or downsized federal facility. The board must have at least seven members, with staggered terms of two, four, and six years. Directors serve without compensation but are reimbursed for expenses. The act takes effect July 1, 2025.
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