Developers update IDB on The Bend; board presses on new debt, right of first refusal and communication

Developers for The Bend told the Industrial Development Board they have delivered major infrastructure and private investment while board members raised questions about new financing, protective language in the development agreement and the flow of information to the board.

Michael Wright and Jimmy White of Urban Story Ventures described work on the 120‑acre Bend site, saying the team has delivered five city blocks of infrastructure, attracted roughly $250 million in private investment to date and secured permits from TVA and the Army Corps to extend harbor limits 150 feet for a commercial marina. "We completed that infrastructure in December 2025," White said, and added the developer expects to break ground on marina work before Dec. 1.

White also described ongoing partner and financing changes and said he now controls "91% of the Bend" after buying out partners. He told the board the project team had shifted away from some earlier vertical commitments but has kept core zoning and infrastructure commitments intact.

Board members pressed the developer on public records showing a deed of trust of about $47.5 million and other financing filings. "From what I can find in public records is 47 and a half million dollars of debt on the property now," one board member said; White responded that a $148,000,000 appraisal leaves the project at relatively low leverage and that some of the financing paid off earlier loans and bought out partners.

Members also raised concern that HillCo Global—recently reported in media coverage as a strategic partner—had not been discussed with the IDB before appearing in press reports. One member described HillCo's public reputation and asked whether the IDB had been properly consulted. White said he and his attorneys had discussed the buyout and partnership with the mayor's office and county and that outstanding legal documentation would be resolved with board counsel. "We had those conversations with the mayor's office, with city council members before my buyout of my partners," White said.

A board member asked for a formal legal opinion on whether the IDB's right of first refusal (required under the development agreement) is impaired by newly filed deeds of trust; counsel and the developer agreed to follow up and prepare necessary instruments. The board scheduled continued follow-up for the June 1 meeting and asked staff to coordinate recurring updates so the IDB receives information on schedule.

Members also noted a small delinquent tax listing on one parcel (West End Loading LLC) of $3,948.98 in public records; White said the taxes had been reassessed and paid in December but agreed to confirm outstanding items. Several members emphasized they want more direct, regular communication with the developer as the project advances and requested counsel to finalize outstanding right‑of‑first‑refusal paperwork.

The developer previewed a large vertical pipeline and said some company announcements are subject to nondisclosure agreements and PR timing. Board members generally expressed support for the project's vision but pressed for clearer documentation and timely briefings.

Next steps: counsel to review and advise on the right of first refusal; staff to schedule recurring updates between the developer and IDB; and the issue to return to the board's June 1 meeting for additional reporting.