TN HB1892

Authorizes tax increment financing (TIF) agencies to enter into taxpayer agreements with property owners in plan areas to guarantee or secure bonds and lease obligations used to finance improvements

Creates a new "taxpayer agreement lien" that functions as a first-priority lien against the property, taking precedence over existing or subsequent mortgages and other encumbrances, enforceable like property taxes

Requires property owners to make "taxpayer direct payments" when tax increment revenues fall short of debt service obligations on TIF bonds

Prohibits TIF agencies from conditioning plan approval on execution of a taxpayer agreement, and makes unenforceable any mortgage provisions that would accelerate payments solely due to entering a taxpayer agreement

Requires taxpayer agreements to be recorded with the county register of deeds, including legal property description, owner names, lien term, and the executed agreement; takes effect immediately upon becoming law