TN SB0697

Industrial development corporation boards must consist of at least 7 members elected by the municipal governing body, with all corporate powers vested in the board

County property assessor and county trustee (or deputy trustee) must serve as ex officio non-voting members, with terms concurrent with their elected offices

Directors cannot be municipal employees, serve without compensation (except expense reimbursement), and hold staggered 6-year terms divided into three groups

Directors generally must be chosen from chamber of commerce, board of trade, or similar civic organization membership, with exceptions for municipalities with closed federal facilities

Effective July 1, 2025